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Watches of Switzerland is enjoying a good start to its life as a public company.
Banking regulators have fined Raphaels Bank £1.89m for repeated failings to do with assessing risks to outsourcing partners.
The Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) said that Raphaels failed to properly understand how their card service providers would react to a meltdown before a failure on Christmas Eve in 2015 shut out more than 3,000 customers.
Firms’ ability to manage outsourcing of any critical activities is a vital part of maintaining their safety and soundness. Such outsourcing is an important part of a firm’s operational resilience, and particularly so in the case of Raphaels given the level of reliance on outsourcing in its business model.
In addition, this was a repeat failing which demonstrates a lack of adequate and timely remediation. This is a significant aggravating factor in this case, leading to an uplift in the penalty.