Regulators Fine Retail Bank £1.9M Over Outsourcing Crash

Law360, London (May 30, 2019, 1:12 PM BST) -- A British retail bank has been fined £1.9 million ($2.4 million) for failing to properly oversee its outside card processor, whose Christmas Eve systems crash caused all transactions to grind to a halt, two finance regulators said on Thursday.

The Financial Conduct Authority and Prudential Regulation Authority said that R Raphael & Sons PLC did not supervise another company hired to process its card transactions, despite the risk to its core business and consumers.

The lender depended on third parties to authorize and complete its customers transactions, the regulators said. But Raphaels — which operates ATMs along the London Underground and offers prepaid and charge cards...

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