The Financial Conduct Authority (FCA) is to investigate RBS over IT failures from June and July 2012, which resulted in the disruption of service for customers and services.

Customers with RBS, Natwest, and Ulster Bank were all impacted by IT failures stemming from a poorly implemented software upgrade, with IT issues in some cases lasting a month before being fixed.

The total cost of the failures was calculated at as much as £175 million for charges and compensation payment to customers.

The IT malfunction led to a period of system replacements and overhaul of key services in a move to safeguard key systems in order to prevent future outages. Despite improvements to IT systems, RBS suffered further technical issues in March 2012.

In an announced the FCA said: “The FCA will reach its conclusions in due course and will decide whether or not enforcement action should follow that investigation.”

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