The director of the Prudential Regulation Authority warned that UK banks were still a long way off from making antiquated IT systems robust, following technology failures at RBS and Natwest which resulted in a estimated £175 million cost for the banks.

Sam Woods, PRA director for UK banks, said that in investigating the IT failings at RBS and NatWest, the PRA had undertaken assessments of other IT systems employed by UK banks, and had concluded that many were struggling to improve outdated services.

Mr Woods said: “Despite our progress, I feel that we are a very long way from being able to sit here with confidence and say UK and Northern Ireland systems are robust”.

NatWest hit by further IT failings