New UK Regulator Launches Probe Of IT Debacle At RBS

Law360, New York (April 9, 2013, 4:17 PM EDT) -- A new financial industry watchdog in the U.K. said Tuesday it’s opened an investigation into a monumental computer glitch last year at The Royal Bank of Scotland Group PLC, a move that comes just days after the regulator commenced operations.

The Financial Conduct Authority, which set up shop April 1, is scrutinizing an information technology debacle last summer that denied many RBS customers access to accounts. That led to a host of ripple effects, including clients who reportedly couldn’t check out of hotels because of unpaid...
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Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.