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MPs Investigate 'Astonishing' IT Meltdowns At UK Lenders

Law360, London (November 23, 2018, 10:25 AM GMT) -- The parliamentary Treasury Committee launched an investigation on Friday into the high number of IT meltdowns at U.K. financial services companies, singling out major players including Barclays PLC, TSB PLC and the Royal Bank of Scotland Group PLC.

TSB is among the major banks that have suffered IT meltdowns, and the lender's chief executive, Paul Pester, stepped down after a lawmaker described its approach to the problem as "complacent and misleading." (AP) Cross-party lawmakers will examine the suffering that software failures cause for millions of consumers and whether U.K. regulators have the skills and power to hold senior staff at banks...

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