![]() ![]() But the FCA had already taken notice: TSB had screwed up massively, and consumers were up in arms. Some people logged on and were presented not with their own bank accounts but with those of completely different customers.Īt 9 p.m., TSB officials notified the UK’s financial regulator, the Financial Conduct Authority (FCA), that something had gone wrong. Tiny purchases had been incorrectly recorded as costing thousands. ![]() People’s life savings were suddenly missing from their accounts. Twenty minutes after TSB reopened access to accounts, believing that the migration had gone smoothly, it received the first reports of issues. After all, shifting an entire company’s records from one system to another is no mean feat. The project was meant to take 18 months, but it had been running behind schedule and over budget. Flipping the switch to recommence public access to bank accounts late on a Sunday evening would allow the bank a slow, smooth entry back into service.īut while Oliu and Guardiola Romojaro were buoyant at the pre-Christmas company meeting, those at TSB who were actually working on the migration were nervous. The bank’s existing IT systems had been offline for most of the weekend as the Proteo4UK project took place, and as customer records were shifted from one system to another. TSB chose April 22 for the migration because it was a quiet Sunday evening in mid-spring. More than 2,500 years of person power had gone into Proteo4UK, Banco Sabadell chief executive Jaime Guardiola Romojaro boasted to the Barcelona crowd. “The integration of Proteo4UK is an unprecedented project in Europe, a project in which more than 1,000 professionals have participated,” he continued. “It would offer a significant boost to our growth in the United Kingdom.” Crucial to the migration would be a new version of a system developed by Banco Sabadell in the year 2000-Proteo, which had been rechristened Proteo4UK specifically for the TSB migration project. No one likes paying money to their ex, so on April 22, 2018, at 6 p.m., TSB enacted a months-in-the-making plan to change that: migrating billions of customer records for their 5.4 million customers to the IT systems of Spanish company Banco Sabadell, which had bought TSB for £1.7 billion ($2.2 billion) in March 2015.īanco Sabadell chairman Josep Oliu had announced the plan two weeks before Christmas, 2017, at a celebratory 1,800-person company meeting in Barcelona’s Palau de Congressos de Catalunya, a cavernous, modern conference hall in the city’s financial district. Worse, TSB was paying alimony: £100 million (the equivalent, at the time of this writing, of $127 million) in licensing fees per year. Though it had been two years since the financial institution had split from Lloyds Banking Group (the two had originally merged in 1995), TSB was still symbiotically tied to its former partner through a hastily set-up clone of the Lloyds Banking Group IT system. In 2018, British bank TSB was stuck in the aftermath of an ugly divorce. ![]()
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