UK bank failures disrupted 1.2 million people's paydays

Approximately 1.2 million Britons experienced banking system failures on payday earlier this year, hindering their ability to manage finances. This caused delays and disruptions for customers. The failures, revealed in letters to the House of Commons Treasury Committee, impacted multiple banks, including HSBC and Nationwide. Customers faced long wait times for customer service, and banks have paid over £114,000 in compensation. Experts attribute the issues to aging IT infrastructure, warning of reputational damage if banks fail to address these predictable disruptions. The incidents highlight the challenges banks face with their technology.