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Stupid Is As Stupid Does November 23, 2014

Posted by Audit Monkey in The Joy & Pain of Internal Audit.
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Last week came the news that RBS (Royal Bank of Scotland) was fined £42m by the Regulator (a joint effort from the PRA and FCA) for an IT glitch that left millions of customers unable to withdraw monies from their accounts. This wasn’t good if you wanted to pay for food at the supermarket, pay employee wages or use the cold hard cash for a night on tiles. This glitch happened two years ago and some 69,500 customers were affected and some £70.3m was paid out in compensation. Customers were restored to their original position and there was probably a few quid for the aggravation.