Senior MP urges UK banks to invest in IT to prevent failures

ile photograph shows city workers crossing the Millennium footbridge in the financial district of London, Britain January 7, 2016. REUTERS/Toby Melville/Files

LONDON: Britain's banks need to dedicate far greater resources towards securing their IT infrastructure and should have a designated board member overseeing the issue, a senior lawmaker said, following a string of high-profile technology failures. 

Andrew Tyrie, chairman of parliament's Treasury Committee, also suggested that Andrew Bailey, the deputy governor of the Bank of England who heads its banks supervisory arm, should be tasked with ensuring the banks develop more resilience.