![]() The company has agreed not to use sellers’ data for its own competing retail business and its private label products. In the first case, Amazon faced charges of using its size, power and data to push its own products to gain an unfair advantage over rival merchants that also use its platform. ![]() "The European Commission has made commitments offered by #Amazon legally binding under EU antitrust rules." /oXK5EKKm4O- Hanno Bender December 20, 2022 ‘The firm failed to plan for the IT migration properly, the governance of the project was insufficiently robust and the firm failed to take reasonable care to organise and control its affairs responsibly and effectively, with adequate risk management systems.’ ‘The failings in this case were widespread and serious which had a real impact on the day-to-day lives of a significant proportion of TSB’s customers, including those who were vulnerable. Mark Steward, executive director of Enforcement and Market Oversight at the FCA, says: The incident shows the critical importance that firms invest in resilience to avoid the widespread harm that operational disruption can cause, the FCA and PRA say say. Today, the regulators say that TSB “failed to organise and control the IT migration programme adequately”, or to properly manage the operational risks from outsourcing work to a critical third-party supplier. A week into the crisis, half of TSB’s customers were unable to access its internet banking services, in one of the worst banking meltdowns in many years. It immediatedly left customers facing technical failures and ‘significant disruption’ to TSB’s branch, telephone, online and mobile banking services. The programme involved a migration to a new IT platform in April 2018, from a system operated by its former owner, Lloyds Banking Group, to one designed by its current owner, the Spanish bank Sabadell. ![]() The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have fined TSB Bank £48,650,000 for “operational risk management and governance failures”, including management of outsourcing risks, relating to the bank’s IT upgrade programme. TSB bank has been fined £48.65m over a notorious botched IT migration which left customers locked out of their bank accounts for days back in 2018. Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. If you’re having trouble logging in, follow our helpful interactive guide or visit our Help and Support page.08.40 CET Introduction: TSB fined over IT migration meltdown We try to make sure that our mobile app works well with as many devices as possible, however it’s possible that you may experience issues if you are using a less common phone. In some countries it may be illegal to use some internet and mobile banking services. Our app services may be affected by your phone’s signal and functionality. To use our app you’ll need to make sure you have updated the operating system on your device to the latest version available to you. We want to make sure you have the best experience, so if you are using an older version of our app you may be asked to update to the latest version before logging in. ![]() IOS users go to: Settings> App Store> turn on App UpdatesĪndroid users go to: Play store> Profile> Settings> Network preferences> Auto-update apps We recommend you turn on ‘automatic updates’ in your app store settings to ensure you always have the latest version: The latest versions of our mobile app can be found in the Apple App Store and Google Play Store.
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