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UK regulator fines bank for sloppy outsourcing

Raphaels Bank, which provides cash machines in British railway stations and shopping centres, has received a rare fine from the UK's prudential watchdog over the sloppy handling of its outsourcing arrangements.

2015-12-02 12:08:21

The Bank of England's Prudential Regulation Authority fined Raphaels, one of the UK's oldest private banks, £1.3m on Friday, writes Financial Times.

According to the PRA, Raphaels had outsourced its ATM financing function to another company owned by Raphaels' parent group, Lenlyn Holdings.

Employees from the outsourcing company then transferred at least £25m from Raphaels to their company in order to cover up a cash flow problem, the PRA found. It added that there was no evidence that Raphaels or anyone other than the employees concerned knew about the transfers.

While the PRA did not name the outsourcer, people familiar with the situation said it was International Currency Exchange.

ICE managed the cash required to load each ATM, and provided nearly all of Raphaels' finance services relating to the cash machines.

The people added that a senior individual had been fired over the incident.
Raphaels declined to comment on the outcome of the ICE employees or what other company was involved.

According to the PRA, Raphaels did not properly manage its outsourcing arrangement with ICE over an eight-year period. It also breached the benchmark of how much its balance sheet was exposed to any third party — even without the improper transfers — without reporting this to the regulator.


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