Lloyds Whistleblower Calls Bank's Business Continuity Plan Flawed
Former business continuity executive claims he was forced out of Lloyds Banking Group because he identified severe problems that would cost £200 million for the bank to fix.
After all, Lloyds itself suffered two high-profile technology outages in 2012, including an outage in October and a similar disruption on Dec. 31. In the October incident, customers were not able to access the Lloyds' online services, make payments via credit cards or withdraw money from ATMs. Less than three months later on New Year's Eve, Lloyds customers experienced "intermittent" problems using ATMs and accessing banking account information.
Lloyds' technology problems, although high profile, were not as large as RBS' computer failure on June 19, which was caused by a corrupt software update to the bank's core payments application. Millions of customers NatWest and Ulster Bank could not make payments. Many of NatWest's account holders had to wait for more than a week for the system problems to be fixed, while 100,000 customers of Ulster Bank had to wait almost a month before the payment systems were running normally again.