Bank of England fines former TSB executive over 2018 IT meltdown

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T

SB Bank’s former chief information officer has been fined after its botched IT upgrade in 2018.

The Bank of England has handed an £81,620 fine to Carlos Abarca after the failed IT migration left many of its 5.2 million customers unable to access banking services.

The central bank’s Prudential Regulation Authority (PRA) division penalised the IT specialist under the UK’s senior manager conduct rules, which were introduced after the 2008 financial crisis to hold top bankers to increased account.

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