This goes back at least ten years, and any advert related to financial institutions i see on the tele, is quick to mention affairs are protected by the regulator.
What i would like to know, is what he was the regulator doing for the past 10+years when all this was going on. Regulation is clearly not enforced across the board in many areas.
I see that they are "still under investigation " for the tracker mortgage scandal. I think that means that they have not arrived at a suitable fee for them for their " get out of jail free card". How do banks get away with this?
Bank of Ireland has been fined €24.5 million by the Central Bank for failing over the course of more than a decade to have an adequate system in place to ensure continuity of service to customers in the event of a serious IT disruption.
The regulator was asked by the European Central Bank (ECB) to investigate the matter in August 2018, almost a year after an internal Bank of Ireland report identified a number of risk management and internal control failings in respect of Bank of Ireland’s IT service continuity.
That report had been sparked by concerns raised in 2015 by internal audit at the lender on the issue, even though there had been warnings as far back as 2008 about deficiencies in this area.
The fine is the second highest levied by the Central Bank, eclipsed by an almost €38 million penalty imposed on Ulster Bank earlier this year for its role in the industry-wide tracker mortgage scandal. Bank of Ireland remains under investigation in relation to the tracker-mortgage issue.