"This not the type of service we are happily providing, and it's not what our customers expect from TSB and for that reason I am deeply sorry".
The FCA is reportedly communicating with TSB over the outage and United Kingdom data watchdog the Information Commissioner's Office is investigating after reports that some customers could see others' accounts, according to the Financial Times.
He apologised and said no one would be left out of pocket.
While customers have been complaining on social media about being unable to access their accounts either online or via the mobile app, regulators have waded into the crisis affecting the banking giant.
Another annoyed user said that: I have been using this branch for 42 years now.
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The bank's CEO Paul Pester bravely took to the steps of Twitter this morning to claim the bank's systems are all working again and, inevitably, hundreds of people replied immediately to say "No it isn't" and "Here's the error message I get when trying to sign in today, you cock", so in reality the bank's digital presence is actually nothing like working again, despite what it says.
"They are reporting to me, directly to me and I will take control of the platform until it gets fixed". All they have said is sorry and the account will be back shortly. TSB customers deserve to know what has happened, when normal services will resume, and how they can expect to be compensated.
Another disgusted user was Amanda Verbaan-Dunn who is the owner of Wilton Hotel in Blackpool who said she was unable to pay her employees since she was away. "The fact that the bank is not communicating is inexcusable". The knock-on effect was back-logged call centres, which TSB has yet to sort out - thus taking down all four arms of its banking services. It, however, continued to use Lloyd's banking platform as it developed its own platform. The work was carried out as a result of TSB leaving the Lloyds banking group and the update was supposed to move customer data from the Lloyds platform onto TSB's. The disruption was well communicated, and each customer was aware. Customers were warned that online banking services would be unavailable between 4pm on Friday the 20 and 6pm Sunday the 22nd.
When Sunday came, and the platform went live, many people could not access their online accounts, and those who did were presented with details of other people.
To keep the site from running too slowly, the company is limiting the number of people who can log in at one time, after users have had little to no access to their accounts for five days. The Authority stated that: "We are working with the firm to ensure proper communication to customers". To begin to put things right, we will be waiving all overdraft fees and interest charges for all of our retail and small business customers for April.