At the end of 2018 the UK Treasury Committee announced that it would launch
an inquiry into information technology (IT) failures in the
financial services sector. The Treasury Committee has stated that
it will appoint a specialist advisor to help provide analysis and
aid the inquiry.
The past 18 months have seen numerous IT failures in the
financial services sector. Equifax, Barclays and TSB have all
suffered incidents, to name a few. TSB is arguably the highest
profile case, when 1.9 million customers were logged out of their
online banking accounts for up to a month and with some customers
also claiming to have been able to view other customers' bank
details. This occurred after the bank attempted to migrate customer
information from its former owner to current owner Banco
Sabadell.
