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June 3, 2023
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FSB demands compensation for small firms hit by TSB meltdown Magazine

Investigations from the disruption at TSB by way of the Financial Conduct Authority and Prudential Regulation Authority have prompted the Federation of Business owners to demand compensation to your small firms caught up in the bank’s IT failure.

FSB National Chairman Mike Cherry, said:?”It’s vital that small business proprietors plagued by the TSB meltdown are compensated. The disruption has cost small firms money and time, and left them cannot pay panicked staff. Perhaps most troubling, business accounts are accessed by external parties that have preyed on those affected with phishing texts and emails.

“The banking and card payment glitches that we’ve seen in recent weeks certainly are a reminder of your importance of in-person financial support and free admission to cash. Many businesses are kept on-hold to busy phone contact centres, struggling to have the help they want.

“Bank branch closures have ended many small firms with no-one to turn to when disruption strikes. Equally, LINK’s forthcoming cut to cash point funding will hurt vulnerable consumers and force small establishments to increasingly rely upon card payment providers, several of which are upping merchant fees. The Payment Systems Regulator has to help and review LINK’s plans before real damage is finished.”

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