TSB crisis enters fourth day

The boss of TSB has said he is “deeply sorry” for the IT fiasco that has caused fury among customers and attracted the attention of the Government’s technology watchdog.

As the crisis entered its fourth day, TSB Chief Executive Paul Pester apologised for the glitch which has seen customers locked out of their accounts and unable to make payments, and promised no one would be left out of pocket as a result of the issues.

The problem stems from a long-planned switch from the banking platform of former TSB owner Lloyds. Last week TSB moved its customers’ data from the Lloyds system to its own new one but by Sunday many of those customers who were able to access their online accounts were presented with details of other accounts as well.

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This data breach was followed by other technical problems, with people reporting not being able to log in or being prematurely logged out of their accounts.

The BBC reports that this is beginning to have a serious impact on customers’ ability to complete transactions, with people “beginning to report a wide range of financial problems caused by being unable to access their online account”.

It could also have long-term implications for the bank. The banking regulator, the Financial Conduct Authority, has said it is “aware of the issue” and has the power to fine banks for system failures, while the Information Commissioner's Office also said it is also making enquiries about a “potential data breach”.

In the end, however, it could be TSB’s disgruntled customers who have the final word and let their feet do the talking by staging a mass exodus.