The total penalty relates to an IT migration process that took place in April 2018, when TSB updated its IT systems and migrated the data for its corporate and customer services. The move resulted in technical failures causing significant disruption to the continuity of TSB’s banking services, including branch, telephone,
TSB fined $59m (£48.65m) due to operational risk management and governance failures
Regulators found that TSB failed to adequately organize and control a 2018 IT migration programme.