The PRA’s investigation found that Mr Abarca breached the PRA’s Senior Manager Conduct Rule 2 because he failed to take reasonable steps to ensure that TSB complied with the PRA Outsourcing Rules. TSB has paid £32.7m in redress to customers who suffered detriment. Some customers continued to be affected by some issues and it took until December 2018 for TSB to return to business-as-usual. This resulted in significant disruption to the continuity of TSB’s banking services, including branch, telephone, online and mobile banking.Īll of TSB’s branches and a significant proportion of its 5.2 million customers were affected by the initial issues. While the data itself migrated successfully, the platform immediately experienced technical failures. In April 2018, TSB updated its IT systems and migrated the data for its corporate and customer services on to a new IT platform. In this case, the PRA has fined Mr Abarca because his management of a key outsourcing relationship fell below the standard we expect.’ Further information ‘Senior managers have an essential role to play in ensuring that firms manage and supervise outsourcing effectively. Sam Woods, Deputy Governor for Prudential Regulation and Chief Executive Officer of the PRA, said:
However, he failed to ensure that TSB had itself obtained sufficient assurance from the third party before doing so. As part of this, he gave assurance to the TSB Board that the third party, as key supplier, was prepared for migration. In particular, he was responsible for TSB’s key outsourcing relationship with its main third-party supplier for the IT migration programme. This follows on closely from the enforcement action taken in December 2022 against TSB for operational resilience failings, which resulted in a joint financial penalty of £48,650,000 imposed by the PRA and Financial Conduct Authority (FCA).Īs CIO of TSB, Mr Abarca had responsibility for TSB complying with the PRA’s outsourcing rules. The Prudential Regulation Authority (PRA) has fined Mr Carlos Abarca, the former Chief Information Officer (CIO) of TSB Bank plc (TSB), £81,620 for breaching PRA Senior Manager Conduct Rule 2 as he failed to take reasonable steps to ensure that TSB adequately managed and supervised appropriately its outsourcing arrangement in relation to its 2018 IT migration programme. News and publications Open News and publications sub menu.Option-implied probability density functions Gross Domestic Product Real-Time Database The PRA’s statutory powers and enforcement
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