By Daniel Hunter

Royal Bank of Scotland (RBS) has been fined £56m over a computer glitch in 2012 which left millions of customers unable to access their bank accounts.

RBS, NatWest and Ulster Bank customers weren't able to access their account after problems with a software upgrade.

The Financial Conduct Authority fined RBS £42m, and the Prudential Regulation Authority fined the bank £14m.

RBS chairman Sir Philip Hampton said the problems "revealed unacceptable weaknesses in our systems".

"Modern banking depends on effective, reliable and resilient IT systems," said Tracey McDermott, director of enforcement and financial crime at the FCA.

"The banks' failures meant millions of customers were unable to carry out the banking transactions which keep businesses and people's everyday lives moving.

"The problems arose due to failures at many levels within the RBS Group to identify and manage the risks which can flow from disruptive IT incidents and the result was that RBS customers were left exposed to these risks," she added.

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