Absolutely. They are entrenched in their regulations so much that it takes forever to change things.

Years ago, I had an account at an american big4 bank with an 8 character password and was going through and making all my passwords unique. I was changing everything to random strings of 20-30 characters (this isnt the best practice, btw, but still better than 8chars), so when I get to this bank account it capped me at 15chars. I couldnt believe the forced low entropy they gave me for something as vital as a bank account.

I asked them why, and basically they said their system would break with anything over 15chars.