Ritchie calls for FSA to work on certification process for Bank’s IT systems

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Sunday, July 22nd, 2012
SDLP South Down MP Margaret Ritchie has welcomed the call by the Innovation Value Institute for the establishment of an internationally recognised standard to certify IT platforms and calls on FSA to act immediately Speaking to Newry Times, Ritchie said: “Although not completely resolved for many customers, a month after the problem was identified Ulster Bank has given assurances that they have identified all problem areas and taken the appropriate steps to resolve the chaos that resulted.” “It is now time for the Financial Service Authority to move quickly and bring together all of the banking institutions to learn lessons, and ensure that the banking chaos, experienced by over 600,000 Ulster Bank customers in Ireland, does not happen to any other banks.” Ritchie continued, “I welcome the call today by the Innovation Value Institute, in response to the IT failure at Ulster Bank, for the establishment of an internationally recognised standard to certify IT platforms. This call must be acted upon by the Financial Services Authority, along with arrangement to fully brief the banking institutions on the failures experienced by Ulster Bank and how to ensure this does not happen again.” “I will be making direct representations to the Financial Service Authority in London.”
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