PRA Notice to Raphaels Bank - 27th November 2015
27 Nov, 2015, 10:10 GMT
LONDON, November 27, 2015 /PRNewswire/ --
Raphaels Bank Statement
Raphaels Bank (Raphaels) today (27th November 2015) announced that it has reached a settlement with the Prudential Regulation Authority (PRA) following an investigation into Raphaels' systems and controls relating to the outsourcing of certain functions to another company in its parent group (Company C) and also the monitoring of its regulatory capital position. The fine relates to historic activity over some years ending in April 2014. Raphaels has agreed to pay a fine of £1,278,165.
Raphaels has cooperated fully and openly with the PRA throughout the investigation. Raphaels accepts the findings contained in the PRA's Final Notice regarding certain failures to meet the relevant regulatory standards during the period in question.
Miles Roberts, CEO of Raphaels said: "We regret that there were weaknesses in our control systems relating to outsourcing to a parent group company and, as a consequence, in regulatory reporting. Raphaels brought this matter to the attention of the PRA in March 2014 and immediately took decisive and prompt steps to strengthen our controls around all aspects of our business. We are confident that our processes relating to outsourcing, regulatory reporting and risk management generally are now very robust.
"Raphaels' capital and liquidity position remains strong and these historic events resulted in no customer detriment."
No further statement will be made in this respect.
About Raphaels Bank
Raphaels Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. A long established independent banking house in the UK, with origins to 1787, Raphaels offers financial products for private customers including a range of savings products, in addition to being a provider of niche lending facilities through partners and brokers. The Bank is a leading player in the prepaid card market and issues MasterCard and VISA cards with partners in the UK and other European countries. Also a member of the LINK ATM scheme, Raphaels has an estate of ATMs, including the London tube network, dispensing both Sterling and foreign currency.
SOURCE Raphaels Bank