9 main banks and constructing societies working within the UK amassed not less than 803 hours – the equal of 33 days – of tech outages prior to now two years, figures revealed by a gaggle of MPs present.
The Treasury Committee – which has been investigating the affect of banking IT failures – compelled Barclays, HSBC, Lloyds, Nationwide, Santander, NatWest, Danske Financial institution, Financial institution of Eire and Allied Irish Financial institution to offer the information.
It doesn’t embody the Barclays outage in January or the Lloyds outage last week – two incidents which occurred on pay day for many individuals, and left prospects unable to pay their employees and payments.
The report finds Barclays might now face compensation funds of £12.5m.
Barclays had no rapid response to the report when contacted by BBC Information.
“For households and people residing pay examine to pay examine, shedding entry to banking providers on payday is usually a terrifying expertise,” stated Dame Meg Hillier, the committee’s chair.
“The very fact there was sufficient outages to fill a complete month throughout the final two years reveals prospects’ frustrations are fully legitimate,” she added.
Talking on the At present programme, on BBC Radio 4, she stated she hoped placing the information within the public area would encourage banks and the regulator to see if there was any extra that might be executed to scale back the disruption.
The Treasury Committee knowledge checked out IT failures which affected thousands and thousands of consumers between January, 2023 and February this yr. They discovered there had been 158 incidents.
Whereas the information doesn’t embody the Barclays outage in January, which left one family without a home, the financial institution did verify to the committee that over half of on-line funds over the course of three days didn’t work on account of “extreme degradation” of their system’s efficiency.
The financial institution confirmed to the committee that it expects to pay between £5m and £7.5m in compensation to prospects for “inconvenience or misery”.
When considering the entire data shared by Barclays, this implies the financial institution might pay out as much as £12.5m in compensation on account of outages over the past two years.
The second highest quantity paid out by a agency in that very same interval is £350,000 from the Financial institution of Eire.
