RBS Fined for Computer Collapse Affecting Customers

The video discusses the £56 million fine imposed on RBS for a major IT system collapse in 2012, affecting millions of customers. It highlights the need for banks to invest in modern IT systems to prevent such issues. The video also covers an ECJ advisory ruling supporting EU regulations on capping banking bonuses, which the UK opposes. The ruling is seen as a setback for UK banking efforts to circumvent these rules.

What was the main reason for the £56 million fine imposed on RBS?

• Excessive executive bonuses

• Involvement in money laundering activities

• Impact on financial stability and customer access

• Failure to comply with EU bonus cap regulations

What is a key lesson for banks from the RBS system collapse?

• Focus on international expansion

• Increase executive bonuses

• Invest aggressively in IT systems

• Reduce customer service hours

Which bank is investing £1 billion over the next three years to digitize its business?

• Barclays

• HSBC

• Lloyds Banking Group

• Santander

What did the European Court of Justice advisor rule regarding the EU's cap on bonuses?

• The cap should be removed

• The cap is valid

• The cap is invalid

• The cap should be increased

What is the potential impact of the ECJ ruling on UK banks?

• Expansion into new markets

• Changes in bonus structures

• Reduction in IT investments

• Increase in customer service fees