The Co-operative Bank has refuted Capita's suggestion that it has delivered an element of the transformation programme which the bank has not paid for.
Th bank says it has noted the comments made today as part of Capita's trading update investor call regarding the mortgage outsourcing contract signed in August 2015.
The risk of delay to delivery of the transformation elements of this project were disclosed in the bank's 2016 interim results.
The bank strongly refutes Capita's suggestion that it has delivered an element of the transformation programme which the bank has not paid for.
In addition, there are amounts which the bank regards as owing to it by Capita.
The bank continues to work through the issues surrounding this transformation programme with Capita.
The existing outsourcing of mortgage processing to Capita both for new and existing Bank customers continues to operate in a satisfactory manner and the Bank is committed to ensuring that this remains the case going forward. The PRA and FCA have been kept fully advised by the Bank of these issues from the outset.
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