Ulster Bank customers face payment delays
Ulster Bank, which is owned by the Royal Bank of Scotland, is experiencing problems processing customer payments. A spokeswoman for the bank stated that “some… Read more
Ulster Bank, which is owned by the Royal Bank of Scotland, is experiencing problems processing customer payments. A spokeswoman for the bank stated that “some payment files have been delayed in the system this morning and we are working to have these applied as soon as possible.” The Bank has stated that it will make emergency cash available for customers who have not received account credits as a result of the problem.
These problems come less than 18 months after around 600,000 payments due to RBS, NatWest, Ulster Bank and Coutts customers failed to arrive in their accounts. Furthermore, in 2014 RBS was hit with a £56 million fine from the Prudential Regulation Authority and the Financial Conduct Authority after a computer failure in 2012 saw as many as 6.5 million customers unable to make payments for as long as three weeks.
The FCA stated that the underlying cause of the 2012 incident was a failure to put in place adequate systems and controls to identify and manage exposure to IT risks.
Regulated firms must organise and control their affairs effectively by putting in place adequate risk management systems, including processes for identifying, analysing and resolving IT incidents. Changes to IT systems need to be carried out in a carefully planned and consistent manner and new software should be tested robustly before being launched.