30th May 2019
The Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) have today announced that they have reached a settlement with Raphaels Bank (Raphaels) in connection with an investigation into Raphaels’ systems and controls following an IT outage on December 24th 2015.
Raphaels has cooperated fully and openly throughout the investigation. It fully accepts the findings contained in the Final Notices of the PRA and FCA and regrets any inconvenience suffered by customers as a result of any failures to meet relevant regulatory standards.
Mike Redican, CEO of Raphaels, said “Raphaels worked hard at the time to remediate the outage. We have since significantly improved outsourcing controls within the Bank. Following a thorough review of all our business operations, the Bank’s board of directors decided to withdraw from the activities on which the investigation focused in order to de-risk the ongoing business and this process is almost completed. I can assure all our stakeholders that the Bank manages its operations effectively and meets its regulatory and capital requirements”.