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Banks to pay customers millions after month's worth of IT outages

The MPs have also discovered millions of pounds of compensation will be paid out because of the spate of outages.

Nine major banks and building societies operating in the UK accumulated at least 803 hours - the equivalent of 33 days - of tech problems in the past two years, figures published by a group of MPs show. While the data does not include the Barclays outage in January, which left one family without a home, the bank did confirm to the committee that over half of online payments over the course of three days did not work due to "severe degradation" of their system's performance. When taking into account all of the information shared by Barclays, this means the bank could pay out up to £12.5m in compensation due to outages over the last two years.

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