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...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!