“RBS should pay the price for letting their customers down” – Which? response to the PRA and FCA fining RBS £56 million over IT failures

Which? executive director Richard Lloyd said:

“RBS should pay the price for letting their customers down with unacceptable IT failures. These multi-million pound fines rightly reflect how important it is to consumers that banks properly maintain the payments system we all rely on.

“With record low levels of confidence in banking, regulators must continue to take tougher action to ensure the basics of customer service are improved, access to essential bank services is maintained in every community, and full compensation given to anyone affected by failings.

“The Treasury should spend the fines  they receive on improving financial education for young people, so that the next generation of consumers are better equipped to hold banks to account.”