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Report slams TSB and parent company Sabadell over 2018 IT disaster

Law firm Slaughter and May have lambasted executives from TSB and parent company Sabadell over the catastrophic core banking migration that locked two million customers out of their accounts in April 2018. 

The migration from Lloyds Bank systems to TSB’s new in-house core banking platform Proteo4UK led to money disappearing from customer accounts, halved Sabadell’s 2018 profits, and eventually forced out TSB CEO Paul Pester.

Slaughter and May’s 262-page report, said to have cost £25 million to produce, criticised the TSB board for failing to “fully understand the scope and complexity” of the new IT system and found Sabadell’s IT arm Sabis guilty of failing to test the system on one of the two data centres it relied on.



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