Month of bank IT failures in the last two years, MPs say

Published On Mar 6, 2025, 2:44 AM

A report by the UK Treasury Committee reveals that nine major banks, including Barclays, experienced significant technological failures over the past two years, totaling 803 hours of outages. This has severely affected customer access to banking services, particularly during paydays, leading to potential compensation payments for Barclays of up to £12.5 million. The report highlights how critical IT stability is for banks, especially regarding customer trust during periods of financial distress.