According to data released by a group of MPs, there have been 33 days—or more—of tech failures over the previous two years.
Barclays, HSBC, Lloyds, Nationwide, Santander, NatWest, Danske Bank, Bank of Ireland, and Allied Irish Bank were forced to submit the information by the Treasury Committee, which has been looking into the effects of financial IT failures.
It excludes the January Barclays and last week’s Lloyds outages, which both happened on payday for many individuals and prevented clients from paying their employees and bills.
According to the article, Barclays may now have to pay £12.5 million in compensation.
“For families and individuals living pay check to pay check, losing access to banking services on payday can be a terrifying experience.”.
