The UK Prudential Regulation Authority (PRA) has imposed a fine of £81,620 on Carlos Abarca, the former Chief Information Officer (CIO) of TSB Bank plc, for breaching PRA Senior Manager Conduct Rule 2.
He has been found to have failed to take reasonable steps to ensure that TSB adequately managed and supervised appropriately its outsourcing arrangement in relation to its 2018 IT migration programme.
This follows on closely from the enforcement action taken in December 2022 against TSB for operational resilience failings, which resulted in a joint financial penalty of £48,650,000 imposed by the PRA and Financial Conduct Authority (FCA).
As CIO of TSB, Mr Abarca had responsibility for TSB complying with…
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