MPs Want Rules To Prevent Financial Services IT Failures

Law360, London (October 28, 2019, 12:47 PM GMT) -- The damage caused to consumers when Britain's financial services sector is hit by technological failures is unacceptable and requires immediate regulatory intervention, U.K. lawmakers said Monday.

The disruption caused by information technology failures in banking is becoming more serious as brick-and-mortar branches and cash machines disappear from the high street, a report from the parliamentary Treasury Committee released on Monday warns. The committee launched an inquiry after several high-profile IT scandals, such as a data breach at TSB that cost the bank £176 million ($225 million), hit the sector.

“The number of IT failures that have occurred in the financial services sector,...

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