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NAO: Billions lost through failing to track tax dodgers

A spending watchdog has said that billions of pounds in tax could have been dodged because the government is failing to track abuse of reliefs.

NAO: Billions lost through failing to track tax dodgers. Credit: PA

The National Audit Office (NAO) found HM Revenue & Customs (HMRC) had done little to investigate why Entrepreneurs' Relief introduced in 2008 was costing the public purse £2 billion a year more than expected.

Claims for share loss relief soared by more than 300% to £1.2 billion in 2006/07 after a number of aggressive avoidance schemes appeared - but the taxman did not identify the scale of the increase until 2013.

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Cable: RBS computer systems 'decades out of date'

Business Secretary Vince Cable said the Royal Bank of Scotland's IT systems were "decades out of date" after the bank was fined £56 million for a computer failure that left customers unable to access their accounts.

This is another disastrous fine for RBS after a series of failures. RBS's priorities under Fred Goodwin meant that it neglected its IT systems, which in some cases are now decades out of date.

The new management is taking action by compensating people and investing in new IT which is right, but in many cases it's too little too late.

What matters now is that RBS can continue to overhaul its digital infrastructure to provide the modern services customers and businesses rightly expect.

– Vince Cable

RBS fined for 'failing to identify and manage IT risks'

The Financial Conduct Authority said it fined the Royal Bank of Scotland for failing put in place resilient IT systems.

Tracey McDermott, director of enforcement and financial crime at the FCA, said:

Modern banking depends on effective, reliable and resilient IT systems. The banks' failures meant millions of customers were unable to carry out the banking transactions which keep businesses and people's everyday lives moving.

The problems arose due to failures at many levels within the RBS Group to identify and manage the risks which can flow from disruptive IT incidents and the result was that RBS customers were left exposed to these risks.

– Tracey McDermott

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RBS IT failure affected 10 percent of UK population

A computer systems failure at RBS, Natwest and Ulster Bank in 2012 affected 6.5 million customers - around 10 percent of the entire UK population.

The RBS group was today fined £56 million over the crash.

RBS apologises for 'weakness' in IT system

RBS chairman Philip Hampton has apologised to the bank's customers for the "unacceptable weakness" in its IT systems that left many unable to access their accounts.

Our IT failure in the summer of 2012 revealed unacceptable weaknesses in our systems and caused significant stress for many of our customers. I again want to apologise to all customers in the UK and Ireland that we let down.

I am confident that the progress we have made in increasing the resilience of our IT systems.

– Philip Hampton

Natwest and Ulster Bank fined over IT failures

Natwest and Ulster Bank are among the banks that have been hit with a fine for the Royal Bank of Scotland group over IT failures.

The total fine for RBS - which includes all three banks - is £56 million.

The 2012 computer failure also affected Natwest customers. Credit: PA Wire

The Financial Conduct Authority fined RBS £42m and the Prudential Regulation Authority fined the bank £14m.

The June 2012 computer systems failure left customers at the banks unable to spend or transfer money.

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