All the day’s economic and financial news, including a European Central Bank meeting and the latest on TSB’s technical problems
- Newsflash: TSB tries to calm angry customers
- Overdraft fees waived; Classic Plus rate boosted to 5%
- CEO Paul Pester: I’m taking control
- IBM experts drafted in
- The agenda: TSB crisis; ECB meeting this afternoon
Q: Were you warned last week that you weren’t ready for this IT migration?
We were ready for the platform switch, CEO Paul Pester insists. TSB expected some turbulence, but no-one expected the issues that have hit the bank since the weekend.
Paul Pester is now being grilled on Radio 5 Live over TSB’s IT mayhem.
Q: Why didn’t you give more information to customers, and claim that everything was fixed when it wasn’t?
This is a fight worth fighting. TSB was created to bring more competition into UK banking.
#TSB boss Paul Pester has told us @bbc5live that businesses that have suffered consequential losses as a result of the IT crisis, do have a case for compensation, and the bank won’t be penny-pinching.
Asked whether he would be giving up a potential £1.6m bonus, Pester told BBC Radio 4 that it was a matter for the company:
“The last thing I’m worried about at the moment is bonuses and pay. I’m focused on putting things right for customers. It’s not my decision, that’s a focus for them [the board]. It’s a decision for the remuneration committee.”
Speaking on Radio 4, Paul Pester says he has taken control of TSB’s IT platform himself – to tackle the problems that mean only 50% of its customers can get online.
NEWSFLASH: TSB has announced that it will waive all overdraft fees and interest charges for retail customers and small business owners for April, as it tries to assuage the anger over its IT meltdown this week.
#TSB says: “We will be waiving all overdraft fees and interest charges for all of our retail and small business customers for April. We’ll be increasing the interest rate on our Classic Plus account to 5% AER.”
As we moved over to our new banking platform last weekend, the landing was an incredibly bumpy one for our customers, and for that I am truly sorry. This is not the level of service that we pride ourselves on providing – nor is it what our customers have come to expect from TSB….
“Of course, customers can rest assured that no one will be left out of pocket as a result of these problems. To begin to put things right, we will be waiving all overdraft fees and interest charges for all of our retail and small business customers for April.
Nope. App still incredibly slow and none of my transactions are showing pic.twitter.com/348rKJULXF
I still can’t log into my #Tsb business account. I will now be charging #Tsb for everyday I can not log into my account. I have a VAT return looming and people to pay. #tsb are lying to the media about being up and running. #TSBfiasco #tsbdown #tsbfail
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
One of Britain’s worst IT botches of recent years continues to rumble on today. TSB customers are still reporting that they can’t access the bank’s online systems, nearly a week after they were taken down for a planned IT migration.
European Markets Opening Calls
FTSE100 is expected to open 6 points higher at 7,385
DAX is expected to open 50 points higher at 12,472
CAC40 is expected to open 22 points higher at 5,435