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Nine major banks and building societies operating in the UK accumulated at least 803 hours – the equivalent of 33 days – of tech outages in the past two years, figures published by a group of MPs show. The Treasury Committee – which has been investigating the impact of banking IT failures – compelled Barclays, HSBC, Lloyds, Nationwide, Santander, NatWest, Danske Bank, Bank of Ireland, and Allied Irish Bank to provide the data.
The report finds Barclays could now face compensation payments of £12.5m. For families and individuals living pay cheque to pay cheque, losing access to banking services on payday can be a terrifying experience, said Dame Meg Hillier, the committee’s chair.
The fact there has been enough outages to fill a whole month within the last two years shows customers’ frustrations are completely valid, she added. She hoped putting the data in the public domain would encourage banks and the regulator to see if there was any more that could be done to reduce the disruption.
The Treasury said it was grateful to see the committee’s findings. A spokesperson told the BBC that the Treasury is working with the financial authorities to regulate third-party suppliers, as well as considering whether the banks are doing all they can to provide the level of service customers expect.
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