The UK Financial Conduct Authority sanctioned three related banks for IT failures during June 2012 that precluded customers from accessing their accounts and engaging in banking activities. The three banks—all part of the RBS Group—are Royal Bank of Scotland Plc, National Westminster Bank Plc and Ulster Bank Ltd. The malady impacted 6.5 million customers in the United Kingdom and some outside of it too. According to the FCA, the problem arose because of incompatibility between an old version and an upgraded version of relevant software. When installation of the new software failed after it was installed on June 17, 2012, the banks endeavored to revert to the old version on June 19, but this caused a system breakdown. FCA claimed that “[t]he underlying cause of the IT incident was the failure of the [b]anks to meet their obligations to have adequate systems and controls to identify and manage their exposure to IT operational risk.” Specifically, FCA faulted the banks for not taking “reasonable steps” to manage a change to their IT systems, including not having adequate processes to handle IT incidents and to test software. To resolve this matter, the banks agreed to pay a financial penalty of GBP 42 million (approximately US $66 million). The banks had previously paid almost GBP 71 million (approximately US $111 million) to customers and non-customers related to this incident.