House movers have been left stranded after the Bank of England stopped an automated system that transfers billions of pounds between banks.
A technical fault has affected the CHAPS electronic payment system used for same-day transfers. The system is used to move large amounts around the financial system. It is also used by solicitors at the end of the house-buying process, so some movers have been left stuck because the sale cannot be completed. An institution was added to the Bank's system at the weekend, which created a problem when it was restarted on Monday. Some transfers are now being handled manually. However, these manual transfers currently do not include the movement of money for house purchases......Read more here