News

Raphaels Bank announces intention to close its retail savings division

9th October 2019

Raphaels Bank, as part of the continued reduction of its banking activities, has announced to its customers that it is closing its retail savings division.   All savings account holders have been given sixty days’ notice, in line with regulatory guidelines, of the bank’s intention to return their monies to them and close their accounts.[ read more ]

Raphaels Bank agrees settlement with PRA and FCA

30th May 2019

The Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) have today announced that they have reached a settlement with Raphaels Bank (Raphaels) in connection with an investigation into Raphaels’ systems and controls following an IT outage on December 24th 2015.   Raphaels has cooperated fully and openly throughout the investigation. It fully accepts[ read more ]

Raphaels ceases its lending activities with Zebra Finance Ltd

2nd April 2019

In 2018, the Board of Directors after consultation with its Shareholders embarked on a full review of the Bank’s business and operation and decided to withdraw from certain of its activities which were performing below expectations. In July 2018, the Motor Lending division was sold to Paragon Plc. Recently there have been press reports which[ read more ]

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