[Nicky91]

Paul Pester will be stepping down after seven years as chief executive at TSB
Richard Meddings will be executive chairman as search begins for new chief
1.9m people using TSB banking were locked out of accounts earlier this year
It was triggered by customer data migration from Lloyds to Sabadell in April

TSB's £1.8million-a-year boss will leave the troubled bank in the wake of its botched IT switch and a string of ongoing technology failures, it was revealed today.

Paul Pester's departure comes after a seven-year stint at the top, which has been marred by the IT woes that left up to 1.9million people using TSB's digital and mobile banking locked out of their bank accounts.

TSB's non-executive chairman, Richard Meddings, will take on the role of executive chairman with immediate effect to begin the hunt for a new chief executive.

The IT issues was triggered by a migration of customer data from former owner Lloyds' system to a new one managed by TSB's current owner Sabadell in April.

Then just yesterday, TSB customers woke up to another IT failure at the beleaguered lender, with many unable to access their accounts.

Hundreds took to social media to complain about issues including 'duplicate transactions', while TSB said that it was working to fix the issue.

Today, Mr Pester said: 'Five years ago, on September 9, 2013, we launched TSB back onto high streets across Britain. I vividly remember standing in our Baker Street branch, waiting to reveal TSB above the door.

'But it wasn't just a sign we were revealing – we were revealing a bank with a clear mission to bring more competition to UK banking and ultimately make banking better for all UK consumers.

'Thanks to the fantastic work and commitment of all TSB Partners, we have achieved real success in creating a bank which is truly consumer-focused, attracting customers from the UK's established banks, and growing TSB's balance sheet from circa £18billion to circa £31billion today.

'The last few months have been challenging for everyone at TSB. However, I want to thank all my colleagues across TSB for their dedication and commitment during this period and for their focus on putting things right for TSB customers.

'It has been a privilege to lead TSB through its creation and first five years. I look forward to seeing the next stage of our bank's history evolve.'

TSB's failures have drawn strong criticism from politicians, including those on the Treasury Select Committee who have been scathing in their condemnation and called for Mr Pester to be sacked.

http://www.dailymail.co.uk/news/arti...s-company.html

[Toy Soldier]

Hmmm a co-worker of mine was complaining about this "duplicate transactions" problem the other day (they took her rent twice ) but with Bank of Scotland, not TSB. Sounds like it's a bigger issue than just one bank, potentially .

I did have issues with my TSB account a few months back; not being locked out, but money failing to appear, e.g. I transferred over £300 from my RBS joint account to my TSB account, something I do frequently and is always instant, and... it vanished. It left my RBS account, and just didn't show up in my TSB account for nearly 48 hours.

But then, RBS was also having a tonne of tech problems 3 or 4 years ago IIRC (I've been with them for like 15 years).

Seems like it's becoming more commonplace. A lot of equipment going out of date and getting slow across the industry, probably.

[Nicky91]

Originally Posted by Toy Soldier

Hmmm a co-worker of mine was complaining about this "duplicate transactions" problem the other day (they took her rent twice ) but with Bank of Scotland, not TSB. Sounds like it's a bigger issue than just one bank, potentially .

I did have issues with my TSB account a few months back; not being locked out, but money failing to appear, e.g. I transferred over £300 from my RBS joint account to my TSB account, something I do frequently and is always instant, and... it vanished. It left my RBS account, and just didn't show up in my TSB account for nearly 48 hours.

But then, RBS was also having a tonne of tech problems 3 or 4 years ago IIRC (I've been with them for like 15 years).

Seems like it's becoming more commonplace. A lot of equipment going out of date and getting slow across the industry, probably.

same here with our bank ING, who also had their problems with the law, money laundering with customers who used their bank accounts between 2010 and 2016, hundreds of millions we are talking about then

that bank pays the department of justice now 775 million euro, which was a valid plea deal as for solving this problem

ING was however Negligent for tens of millions going to the daughter of an Uzbekhi leader

someone in the lingerie business was laundering 150 million, and a one man's business had no problem posting 15 different mobile cash machines

[Toy Soldier]

Originally Posted by Nicky91

someone in the lingerie business was laundering 150 million

Kirk . I knew it!

[Nicky91]

Originally Posted by Toy Soldier

Kirk . I knew it!

lol


but anyway ING is supposed to be the most well known bank here in my country, and it's just so messy how many times it has gotten in trouble with the law here


Rabobank does also still exist here but that one has gotten a lot less popular than it was before