The Financial Conduct Authority (FCA), the new watchdog for banking in the UK, has begun an investigation into the Royal Bank of Scotland’s IT meltdown, which caused problems for customers last year, reports Finextra. RBS experienced software problems in summer 2012 that upset account holders at RBS and other subsidiaries, such as Natwest and Ulster Bank.
The software glitches failed to update bank accounts and neglected transactions; leading customers to read inaccurate account balances. Customers were then making purchases that would put their account into negative balances. Natwest and RBS accounts were affected for up to 10 days, while the Ulster banking system was experiencing turmoil for weeks after the incident.
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