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Release Date: 20th December 2022

To access the original FCA document, click here.


TSB Bank plc has been fined £29.75 million by the FCA for significant failings in its IT migration programme. This penalty, reduced from £42.50 million due to early settlement, highlights critical oversights and mismanagement during TSB’s migration from the Lloyds Banking Group IT platform to Sabadell’s Proteo4UK platform in April 2018.

Key Reasons for the Fine:

Migration Programme Failings:

Customer Impact and Remediation:

Key Takeaways for Other Firms:


The FCA’s fine on TSB underscores the importance of realistic planning, thorough testing, effective risk management, and strong governance in IT projects. Firms must ensure robust oversight and preparedness to mitigate risks and avoid significant customer impact and regulatory penalties.

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