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Thu 7th March
Ms Ritchie has urged the government to fully commit to take action on the FSA Report on the Ulster Bank/RBS payment crisis. Ms Ritchie said:
“Following the Ulster Bank/RBS payment crisis last year, I have been pursuing the Treasury for its response to the crisis and the actions that will be taken to ensure that banking customers are not left in the same situation in the future. This latest “glitch”, which is less widespread than on the previous occasion, has once again left customers in a difficult situation, and it highlights the importance of ensuring that the banking payments system is fit for purpose.
“In response to my recent representations on the Ulster Bank/RBS payment crisis the Treasury have advised that the Financial Services Authority Independent Review into last year’s incident is underway. Treasury Minister Greg Clark also stated that the Government was committed to a stable banking system and will consider the FSA’s conclusions and commit to taking action where needed.
“While I welcome this response by the Treasury, I am concerned that the matter has lost its sense of urgency with the Financial Services Authority and the Government. It has been nearly 9 months since the crisis and clearly, given the events of the last 48 hours, problems are still inherent in the payments system. I would urge that the Government fully commit to taking action on the FSA’s conclusions and push for the outcome of the FSA’s report at the earliest possible opportunity. I will be tabling parliamentary questions to this effect”
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