Justice delayed? TSB fined £49m five years after customers hit by IT fiasco

It has taken nearly five years to get to this point after an episode which caused misery to the bank’s customers. But it does serve as a timely illustration of what can go wrong and why regulation is necessary as the government embarks on plans to tear up safeguards, writes James Moore

TSB Bank has been fined £48.7 million by City regulators for a botched IT upgrade in 2018 (PA)

Justice delayed is justice denied, so the saying goes.

On that basis, what should we make of the fines levied on TSB nearly five years after one of the worst banking IT fiascos this country has seen?

The £48.7m in penalties levied for “operational risk management and governance failures” by the Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority would have been £69.5m had the company not coughed to its mistakes and qualified for a 30 per cent discount for copping a plea.