Compliance Monitor
Raphaels Bank fined £1.89m by FCA and PRA over outsourcing failings
By Neasa MacErlean
Independent bank
R Raphael & Sons plc has been fined £1.89m by the FCA and PRA after an eight-hour IT failure exposed outsourcing failures
on Christmas Eve 2015, when over 3,300 customers were unable to use their prepaid cards and charge cards.