Tesco Bank is contesting the scale of the FCA’s proposed penalty and is in active negotiations with the watchdog about it, Sky reported, citing a legal source. A “substantially lower” sum could be agreed within the next few weeks, Sky added, citing a source.
In November 2016, the retailer’s banking arm said GBP 2.5 million had been stolen from 9,000 customers in what cyber experts said was the first mass hacking of accounts at a western bank.
Tesco Bank and the FCA declined to comment.
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