MPs demand action over rise in online bank crashes

guest · Oct 28, 2019

MPs demand action over rise in online bank crashes
MPs have condemned the level of IT failures at banks, warning that financial levies on firms and more regulation may be needed
October 28, 2019
https://www.bbc.co.uk/news/business-50200213

A Treasury Committee report said the frequency of online banking crashes and customer disruption was "unacceptable".
The report, published on Monday, said with bank branches and cash machines closing, there was greater urgency to ensure online banking worked.

Customers are being left "cashless and cut off", the report said. Firms could do much more to ensure their IT systems were resilient and to resolve complaints and compensation more quickly.

"The consequences of a major operational incident at a large cloud service provider, such as Microsoft, Google or Amazon, could be significant," the report said. "There is, therefore, a considerable case for the regulation of these cloud service providers to ensure high standards of operational resilience."
Cloud services "stood out as such a source of systemic risk" for the financial system, the MPs said.
Click to expand...

2nd Report - IT Failures in the Financial Services Sector
(PDF - 844 KB): https://publications.parliament.uk/pa/cm201920/cmselect/cmtreasy/224/224.pdf

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