UK - FCA and PRA fine Raphaels Bank £1.89m for technology outsourcing failures

The FCA and PRA fined Raphaels Bank on 30 May 2019 a combined £1.89m for a technology failure at an outsourced card processing provider which caused customers to be unable to use their prepaid cards and charge cards for eight hours on Christmas Eve in 2015. This decision sits at the nexus of two of the FCA and PRA’s key priorities, both of which have seen enforcement action in recent years.  In respect of cyber and operational resilience, it is the latest in a string of fines and investigation