TSB has not dealt with majority of complaints arising from IT meltdown

Edinburgh-based TSB has not yet dealt with the majority of complaints arising from its IT meltdown earlier this year, FT reports.

Josep Oliu Creus, chair of its parent company Sabadell, told staff in London that compensation efforts had “not gone the way I would like”.

Around 87,000 of the 159,000 complaints received by the bank have yet to be answered.

The Financial Conduct Authority (FCA) is currently investigating TSB’s handling of the IT meltdown.

In a statement, TSB said it is “continuing our efforts to compensate customers appropriately and to improve the service the bank offers to customers”.

The bank added: “We have a dedicated team looking at every customer complaint individually and our focus remains on putting things right for our customers as quickly as possible.

“We have worked closely with our regulators and we continue to keep them fully updated.”