Proactive Investors - Run By Investors For Investors

TSB ignored warnings IT system was not ready before disastrous switchover, says union

Staff were “teetering on the brink of collapse" and dealing with “levels of abuse never seen before" from disgruntled customers, new documents claim
TSB
The Financial Conduct Authority is investigating the IT meltdown

TSB ignored employees' warnings that the bank was not ready to switch over its IT system in the months leading up to the online banking meltdown, according to a union.

The TBU union claimed in newsletters for its members at TSB that staff were pressured to work overtime to meet the deadline for the system upgrade.

The newsletter, which was published by MPs on the Treasury Select Committee on Thursday, said staff were worked to a “frazzle” and some were not given enough time to complete required training.

READ: TSB to be probed by FCA over handling of the bank’s ongoing IT problems

It claimed staff faced a “sickness epidemic” with absences increasing by 25% in some business areas due to the stress of dealing with disgruntled customers following the IT crash.

Staff were “teetering on the brink of collapse with staff working 12-hour shifts without breaks” and dealing with “levels of abuse never seen before,” the documents said.

Hundreds and thousands of customers were unable to access their accounts for weeks after TSB attempted to migrate its retail operations from a system run by former owner Lloyds Banking Group PLC (LON:LLOY) to a new one built by a subsidiary of its new Spanish owner, Sabadell, at the end of April.

The Financial Conduct Authority is investigating the issue. 

View full TSB profile View Profile

TSB Banking Group Timeline

Related Articles

medical cannabis
October 31 2018
Redfund Capital continues to expand, with the launch of its subsidiary, First Euro Cannabis

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use