The Chairman of the Treasury Select Committee, Andrew Tyrie MP, today wrote to the Chief Executive of RBS Group, Stephen Hester, and to the Chairman of the FSA, Lord Turner, outlining a number of specific issues the Committee feels need to be addressed with regards to the ongoing IT issues.
Commenting on the letters, the Chairman of the Treasury Select Committee, Andrew Tyrie MP, said:
It is clearly unacceptable that so many people have suffered, and continue to do so, as a result of what looks to have been a major IT failure.
This is the latest in a series of computer failures to have affected bank customers.
We need to know exactly what went wrong and what will be done to give us confidence that similar mistakes are not repeated in the future.
Basic bank functions are crucial in a modern economy. It is deeply concerning that they appear to have been put at risk again.
It is also important to know what action the regulators have been taking to ensure proper oversight of banks’ computer systems.
Once we have received responses from the relevant parties, the Treasury Select Committee will decide what further action it may take.