UK: Two of the largest banks not on track, may face shutdowngreenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
City giants in millennium bug threat to savings by Alicia Wyllie
MILLIONS of people with bank accounts, investments and insurance policies risk losing their life savings after a City watchdog warned that two of the biggest firms were not on track to beat the millennium computer bug.
Last week the Financial Services Authority (FSA) said the two companies posed a serious risk. Experts fear that if the computer systems are not fixed before December 31, billions of pounds of customers' money could disappear.
An FSA spokesman said: "People should not panic but it might make sense not to conduct a big financial transaction just a few days before the millennium. You should keep a complete record of all insurance policies, investments and bank statements."
While the FSA said most companies were on track to solve their millennium problems, not a single one has been given the all-clear.
The FSA has refused to name the firms involved for legal reasons. But it said they would be shut down if they did not make good progress soon.
Gwynneth Flower, managing director of Action 2000, the government agency set up to tackle the millennium bug, said: "There is no immediate risk to consumers, but we are increasing pressure on the FSA to ensure these firms get their systems up to scratch.
"There are growing fears that people will withdraw their money from financial institutions and hold it in cash over the millennium. I am anxious for the FSA to put everybody's minds at rest as soon as possible."
Copyright 1999 Times Newspapers Ltd.
-- regular (firstname.lastname@example.org), April 27, 1999
Gee, it's nice to see some degree of HONESTY surfacing here and there. Mostly THERE!!
-- Ray (email@example.com), April 27, 1999.
Ray, You mentioned some degree of honesty surfacing over here in the UK.How many degrees are "some"???More than 5,more than 10??
That still leaves alot to be desired.
-- Oh Yeah ! (firstname.lastname@example.org), April 27, 1999.
From other sources, it appears that the two who "won't make it" aren't banks, but stock brokerages. Apparently, the FSA regulates both banks and brokerage houses.
-- Dean -- from (almost) Duh Moines (email@example.com), April 27, 1999.