Regulators fine Royal Bank of Scotland $87 million for IT failures

November 20, 2014 8:45 AM

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LONDON – British regulators have fined Royal Bank of Scotland PLC 56 million pounds ($87 million) for computer problems that made it impossible for customers to get access to their accounts.

The Financial Conduct Authority fined the state-owned bank for failing to put in place systems that could "withstand or minimize the risk of IT failures." The Bank of England's Prudential Regulatory Authority, also leveled a fine — its first since coming into existence in 2013.

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