Double trouble on way for TSB boss Pester
TSB’S under-fire chief Paul Pester is facing further pressure on two fronts as he prepares for another grilling by MPS and an imminent City watchdog investigation and likely fine.
The Treasury select committee is hauling Mr Pester back into Parliament on Wednesday just weeks after chairman Nicky Morgan accused him of “staggering” complacency.
The Financial Conduct Authority (FCA) is also preparing to launch an investigation into TSB. Andrew Bailey, who heads up the FCA, told The Sunday
Telegraph it was “something we are working on”. Mr Bailey is also set to give evidence to the committee.
MPS will press Mr Pester on why IT problems are continuing over a month after the bank’s botched IT system switch in April. They are also set to ask about claims TSB customers have been defrauded as a result of the IT faults, and demand an update on efforts to compensate those left out of pocket.
Questioning is also likely to focus on Mr Pester’s own future amid growing speculation he could be ousted. “If he can’t sort it out they should get someone in who can. The shareholders [parent company Sabadell] must be thinking that,” said John Mann MP, a member of the Treasury committee.
TSB is still reporting other problems on its service status page, such as mortgages not being viewable online and some digital payments throwing up error messages.