R. Raphael & Sons plc (Raphaels) has received fines totalling £1,887,252 from the FCA and PRA for repeated failings in relation to inadequate systems and controls supporting the oversight and governance of its outsourcing arrangements.
Raphaels outsourced certain functions that supported payment services for its prepaid and charge card programmes in the UK and Europe to a service provider. These functions included the authorisation and processing of transactions made by users on these cards and management of the card programme (Card Services). From 2016, Raphaels had 5.3 million prepaid cards in issue in the UK and other European countries with average monthly transaction volumes of over £450 million.
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