-
Carney Faces Scrutiny on Worst U.K. Payments Outage Since 2007
Bank of England Governor Mark Carney is facing scrutiny on the management of Britain’s payments system after the biggest disruption in at least seven years delayed bank transfers and house purchases. Carney announced a “thorough, independent” review late yesterday after the BOE had to shut down the system that handles about 575 billion pounds ($928 billion) of daily payments. The nine-hour disruption, which followed routine weekend maintenance, affected the same-day electronic transfers used by homebuyers, and some lenders said staff worked late to ensure transactions were processed. The outage was the worst ... (full story)