September 4, 2018 / 1:03 PM / in 8 months

TSB CEO has taken responsibility for "fundamental failings" - BoE's Carney

LONDON, Sept 4 (Reuters) - Bank of England Governor Mark Carney said on Tuesday senior managers needed to take responsibility for failings on their watch, when asked about the earlier resignation of TSB Bank Chief Executive Paul Pester.

Pester resigned from his role at TSB on Tuesday, several months after a botched IT update in April plunged the lender into chaos, locking thousands of customers out of their accounts and leaving them vulnerable to fraud.

“Responsibility has now been taken by the CEO for a series of quite fundamental failings,” Carney said, while appearing before lawmakers on Britain’s Treasury Committee.

He said the decision was in line with regulation prescribed by the Senior Managers Regime, which was put in place after the financial crisis to ensure top executives are held accountable for failings in financial firms. (Reporting by David Milliken and Kylie MacLellan; Writing by Emma Rumney; editing by Sinead Cruise)

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