FCA penalises bank after millions of customers were locked out of their accounts for weeks

City regulators have fined TSB £48m for “widespread and serious” failings related to the IT meltdown in 2018 that left millions of banking customers locked out of their accounts for weeks.

The long-awaited fine is expected to draw a line under the scandal, which tarnished the challenger bank’s reputation and forced its chief executive to step down within months of the botched move to a new IT platform.