Royal Bank of Scotland fined £56m after software glitch

Glitch affected more than 6.5 million UK customers
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Royal Bank of Scotland (RBS) has been fined by regulators after a computer glitch in 2012 left millions of customers unable to access their accounts.

The Financial Conduct Authority (FCA) fined the bank £42 million, and the Prudential Regulation Authority fined RBS £14 million.

RBS chairman, Sir Philip Hampton, said the issue had caused ‘significant stress for many customers’.

The FCA said that the glitch affected more than 6.5 million customers in the UK over a period of several weeks.

"Modern banking depends on effective, reliable and resilient IT systems," said Tracey McDermott, director of enforcement and financial crime at the FCA.

"The banks' failures meant millions of customers were unable to carry out the banking transactions which keep businesses and people's everyday lives moving.”

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