RBS leads FTSE lower after IT failure criticised

Shares in Royal Bank of Scotland led the FTSE 100 lower in early trading after MPs criticised the bank over its IT failure in June.

RBS was down 2% at 221.9p after MPs said the bank must give out 'clear and straightforward' information to customers about compensation arrangements. The IT glitch at the bank - which is 83% owned by UK taxpayers following its 2008 bailout - affected customers for up to two weeks in June. The MPs also said other banks needed to check their own IT systems. Other big fallers in the FTSE 100 included Vodafone, downgraded by analysts at Bernstein over fears its service revenue may turn negative. British American Tobacco and an assortment of retailers also dropped, with the index stood ...