The Financial Conduct Authority (FCA) fined RBS 42 million pounds while the Prudential Regulation Authority, which is overseen by the Bank of England, imposed a penalty totalling 14 million pounds, the watchdogs said in statements.     

"Modern banking depends on effective, reliable and resilient IT systems," said Tracey McDermott, director of enforcement and financial crime at the FCA.
"The Banks' failures meant millions of customers were unable to carry out the banking transactions which keep businesses and people's everyday lives moving," the director added.
RBS chairman Philip Hampton on Thursday said that the failures had "revealed unacceptable weaknesses" in the bank's IT systems.

RBS has already paid more than 70 million pounds in compensation to customers affected by the incidents.

The bank is about 80-percent owned by the British government after it was rescued with 45.5 billion pounds of taxpayers' cash during the global financial crisis, making it the world's biggest-ever banking bailout.

Latest News from World News Desk