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MP calls for clear information on refunds

MP calls for clear information on refunds

Category: Banking

Updated: 04/09/2012
First Published: 04/09/2012

MONEYFACTS ARCHIVE
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Royal Bank of Scotland (RBS) has been warned that it must provide customers affected by the recent technical issues with 'clear and straightforward' information on compensation.

The chairman of the Commons Treasury Committee, Andrew Tyrie, has called for clear information to be given to customers to assist the compensation process.

A computer failure in early June meant thousands of customers under the RBS group experienced weeks of payment disruptions, such as duplicate transactions. The bank has confirmed that it has set aside £125 million to fund its customer redress.

Mr Tyrie also urged all banks to assess their IT systems to avoid similar problems occurring in the future.

He said: "The recent IT failure at RBS Group affected millions of individuals and a wide range of businesses in the UK and Ireland.

"It was not just RBS customers who suffered. The problems, and the confusion they caused, threatened to infect the rest of the banking system. For some, the consequences were very severe."

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