UK regulators fine RBS US$88m for computer glitch

London

BRITISH regulators have fined Royal Bank of Scotland Group plc US$88 million (S$114.4 million) for the 2012 collapse of its computer system that left 6.5 million customers without access to their accounts for weeks.

Britain's largest taxpayer-owned bank will pay the Financial Conduct Authority (FCA) £42 million (S$85.9 million) and the Bank of England's Prudential Regulation Authority (PRA) £14 million, the regulators said on Thursday.

Tracey McDermott, head of enforcement at the FCA, said: "The problems arose due to failures at many levels within the RBS Group to identify and manage the risks which can flow from disruptive IT incidents and the result was that RBS customers were left exposed to these risks. Modern banking d…