Watchdogs and Parliament becoming less tolerant of bank IT failures...

Financial regulators and politicians will take a tougher line on banks over IT failures because branch closures have forced customers to move online, Treasury committee chairwoman Nicky Morgan said.<br> <br> <br> <br> The senior Tory MP said being left without internet banking access was as disruptive as "turning on the tap and not getting any water" for consumers.<br> <br> <br> <br> And she also warned firms they must take extra action to ensure customers' personal information is protected.<br> <br> <br> <br> Nicky Morgan<br> <br> <br> <br> At a speech to City leaders, she said: "The shift online has led to heightened customer expectation about service level availability, particularly in banking.<br> <br> <br> <br> "Finding oneself locked out of online banking is fast becoming equivalent to turning on the tap and not getting any water.<br> <br> <br> <br> "So as firms use the availability of online banking as a reason to close branches, the committee and regulators will rightly become less tolerant of IT failures for the quite simple reason: The detriment caused to consumers is greater than ever."<br> <br> <br> <br> She told the TheCityUK conference in London that the troubles with TSB's online systems and the Facebook data scandal illustrated concerns over the handling of personal - http://search.usa.gov/search?affiliate=usagov&query=personal information.<br> <br> <br> <br> .@NickyMorgan01 takes the stage. The shift online has increased customer expectations of online platforms. The industry needs to meet these expectations and remain consumer focused. pic.twitter.com/Z9QI9Duayi<br> <br> <br> <br> - TheCityUK (@TheCityUK) June 13, 2018 "The Facebook and Cambridge Analytica scandal has caused a breakdown of trust between consumers and firms that hold their data," she said.<br> <br> <br> <br> "The financial services industry has to look closely at lessons from the the industry where customers, through their data, have become the product.<br> <br> <br> <br> "And it has to uphold the highest standards of care and stewardship of personal information.<br> <br> <br> <br> "The industry cannot afford to lose the trust of customers through data breaches or mishandling of customer data."<br> <br> <br> <br> She said the TSB situation "perfectly illustrated how botched IT projects can create a goldmine for fraudsters".<br> <br> <br> <br> Mrs Morgan also stressed that as more and more customers moved online, PENGHEMAT BBM CAIR BIOSPEED Penghemat BBM Biospeed - https://penghematbbmbiospeed.blogspot.com/ banks had to ensure that non-digital customers and cash users "must not be left behind".<br> <br> <br> <br> Advertisement