Bank fined £1m after outsourcing faults led to improper transfers

The Prudential Regulatory Authority (PRA) has fined a bank more than £1 million after finding that faults with its outsourcing arrangements helped rogue employees at a third party service provider to move money out of its bank accounts without its knowledge or consent and put the bank's own financial health at risk. Faults in …

[Anonymous Coward]

Outsourcing

Look, Man City could save a fortune by hiring my local U13s instead but I think the overall result would see them out of the Premiership PDQ.

Then you add in things like this and you've got to be insane to go down the outsourcing road....

[Anonymous Coward]

Outsourcing is like...

...having your kids brought up by the nanny. And look how well that's worked for the royal family.

[Anonymous Coward]

Re: Outsourcing is like...

Yes, the cheapest possible Nanny with only a basic grasp of English and not much of an idea of what being a Nanny is all about.

Still it's only your kids (or core business) so it doesn't really matter and it is cheap after all....

[Alien8n]

Re: Outsourcing is like...

Rather badly for my uncle, all of his wives have been the nanny for the prior wife's kids (he's now on wife number 4, but no kids this time so he may actually manage to stay married this time)

['s water music]

Re: Outsourcing is like...

And look how well that's worked for the royal family.

But imagine if William had been brought up by Brian and Harry by James. Would it have turned out any better?

[Sir Barry]

Meanwhile

Leonardo, Michelangelo and Donatello took the piss whilst Raphael started counting out the notes.

[Commswonk]

Re: Meanwhile

At least the bank doesn't seem to have turned turtle...

[Anonymous South African Coward]

Re: Meanwhile

Time to call the Shredder in?

[Triggerd]

Who was the service provider?

I'm sure we'd all love to know who the service provider was!

Bet the people who were replaced by our 'best shore' friends will be smiling!

[fishman]

Wonder what the executive bonuses were for outsourcing vs the minimal1M fine.