The subsidiary of Banco Sabadell in the United Kingdom, TSB, has reached an agreement with the Financial Conduct Authority (FCA), the British supervisor equivalent to the National Securities Market Commission in Spain, has agreed to a fine of 48.5 million of pounds (about 55.7 million euros) due to incidents in the entity’s technological migration.
The FCA has published a statement on Tuesday in which it explains that the agreement reached with TSB, several years after the problems that occurred when the bank migrated its technological platform to a more modern one used by the group.
Banco Sabadell has assured the CNMV that it will neutralize the impact of the sanction through the policies contracted by the bank and its subsidiary TSB, which will charge this fine at the end of the year, which will initially remain 6 basis points of the group’s capital, which it expects to offset in the coming quarters.
