MPs have launched an inquiry into the “astonishing” variety of IT failures at banks following a string of current meltdowns.

The Treasury choose committee will deal with the causes of the issues, how shoppers lose out, and whether or not regulators are correctly geared up to carry companies to account.

Thousands and thousands of consumers have been hit by issues over the previous 12 months together with a disastrous IT migration at TSB, on-line banking failures at Barclays and the Royal Financial institution of Scotland, and Visa’s card community crashing.

It comes at a time when financial institution department closures imply account holders are more and more reliant on with the ability to entry their cash on-line.

MPs say they may study the power of monetary providers firms to protect towards service disruptions and to place them proper in the event that they do occur.

Nicky Morgan, chair of the committee, mentioned: “The variety of IT failures at banks and different monetary establishments lately is astonishing.

“Thousands and thousands of consumers have been affected by the uncertainty and disruption brought on by failures of banking IT programs.

“Measly apologies and hole phrases from monetary providers establishments is not going to suffice when prospects aren’t capable of entry their very own cash and face delays in paying payments.

“As financial institution branches shut and prospects are ushered in direction of on-line providers, the provision of these providers is important.”

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