Thu, 06 Mar 2025

Thu, 06 Mar 2025 Banks to pay customers millions after month's worth of IT outages

MPs have discovered banking services went offline for more than 800 hours over a two year period.

* 9 major banks and building societies in the UK accumulated at least 803 hours (33 days) of tech outages over the past 2 years
* The affected banks include: + Barclays: £12.5m compensation for "inconvenience or distress" due to January outage, expected to pay between £5m-£7.5m + Lloyds: Not included in data, had a major outage last week on payday + HSBC, Nationwide, Santander, NatWest, Danske Bank, Bank of Ireland and Allied Irish Bank also affected
* 158 IT failures affecting millions of customers between January 2023-February this year
* Barclays expects to pay out up to £12.5m in compensation for outages over the last 2 years
* Second highest amount paid out by a firm is £350,000 from Bank of Ireland
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