Which? executive director, Richard Lloyd, said:
“After a series of catastrophic failures in banks’ IT systems, we’re pleased the Financial Conduct Authority will investigate these problems. Improvements are desperately needed so that people can be confident that their money is safe, and accessible, at all times.
“For too long the banks have been able to self-regulate the payments system and have not invested enough in their infrastructure, which is now not fit for modern banking purposes.”