The Financial Conduct Authority (FCA) will force UK banks to publicly reveal the number of IT outages they have via an API.
The new rules, published in a report led by the Competition and Markets Authority, aim to make it easier for customers to find out online how often a bank has had to report "major operational and security incidents".
"Providers must publish the information on their websites in a consistent format and the large banks must also make this information available electronically via online Application Programming Interfaces (APIs)," said the FCA
"As facilitated by the 'Open Banking' initiative, APIs are an important route through which third parties can access current account service information."
The APIs that larger banks will have to use must be compliant with the Open Banking Standards specifications.
Developed over the last year, the new rules coincide with TSB's much publicised IT migration meltdown. In April, many TSB customers were unable to get into their accounts and some reporting having access to other users accounts.
Despite false claims that the problem was under control and being forced to bring in IBM as consultants, the bank continued to have issues and is still struggling with its recovery as reports of a fresh outage emerged this week. To date, the botched IT migration has cost TSB 200 million.
There are also new rules for larger banks to publish information on how likely people would be to recommend their bank, as well its online and mobile banking, branch and overdraft services, to friends, relatives or other businesses.
The FCA said that publishing this information in this way will promote effective competition by incentivising firms to offer better services in ways that are transparent and noticeable. It added that the information being published reflected what banking customers had said they would find useful when carrying out everyday banking.
-
How the UK MoJ achieved secure networks for prisons and offices with Palo Alto NetworksCase study Adopting zero trust is a necessity when your own users are trying to launch cyber attacks
-
Putting small language models under the microscopeITPro Podcast The benefits of small language models are undeniable – but they're no silver bullet
-
How to empower employees to accelerate emissions reductionin depth With ICT accounting for as much as 3% of global carbon emissions, the same as aviation, the industry needs to increase emissions reduction
-
Worldwide IT spending to grow 4.3% in 2023, with no significant AI impactNews Spending patterns have changed as companies take an inward focus
-
Report: Female tech workers disproportionately affected by industry layoffsNews Layoffs continue to strike companies throughout the tech industry, with data showing females in both the UK and US are bearing the brunt of them more so than males
-
How can small businesses cope with inflation?Tutorial With high inflation increasing the cost of doing business, how can small businesses weather the storm?
-
How to deal with inflation while undergoing digital transformationIn-depth How can organizations stave off inflation while attempting to grow by digitally transforming their businesses?
-
How businesses can use technology to fight inflation
TUTORIAL While technology can’t provide all the answers to fight rising inflation, it can help ease the pain on businesses in the long term
-
Embattled WANdisco to cut 30% of workforce amid fraud scandalNews The layoffs follow the shock resignation of the company’s CEO and CFO in early April
-
Some Tech Nation programs could continue after Founders Forum acquisitionNews The acquisition brings to a close a months-long saga over what the future holds for Tech Nation initiatives
