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UK regulators take a hard line on outages - Business Insider - Business Insider

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Major UK financial regulatory bodies put out a policy summary to prevent tech problems in banking:

at US payments company TSYS — left customers of several UK banks, including RBS and Tesco Bank, unable to pay bills or access their account information.

As regulators pay more attention to outages and hold FI's more responsible, the consequences of suffering an outage may become even graver. Outages — especially ones that occur at critical times like Black Friday — are already serious problems for banks. A critical consequence is that they anger customers — who may become more amenable to switching banks — which can damage brands and require resources to fix.

However, now that regulatory bodies are stepping in, things may get more severe, as regulators could decide that failure to abide by the guidelines they have laid down should be punishable by fines and greater governmental scrutiny, adding new punitive dimensions to an already harrowing problem., Business Insider Intelligence's expert product suite tailored for today's decision-makers in the financial services industry, delivered to your inbox 6x a week.

 

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