RBS and NatWest set to face inquiry over glitch

27 June 2012

A full inquiry will be launched to ascertain how a technical glitch at major financial group left millions of people without full access to their bank accounts.

Mervyn King, governor of the Bank of England (BoE), has pledged that the Financial Services Authority will be asked to carry out a "very detailed investigation" to find out what has happened at the Royal Bank of Scotland and NatWest "once the current difficulties are over".

Speaking to the parliamentary Treasury Committee yesterday (26 June), Mr King noted this is essential to work out why it has taken the banks so long to solve their technical issues.

"Computer systems will always go wrong from time to time. The important things are your back-up systems and the time it takes to implement recovery," he noted.

The financiers have released a statement to customers indicating the problem is close to being fully resolved, while also admitting it was "unacceptable".

By Gary Cooper

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