View more on these topics

FCA data protection breaches revealed

FCA logo new 3 620x430

Details of a number of data protection breaches at the FCA have been revealed.

A Freedom of Information request by The Times shows security failures including losing confidential enforcement-related papers and displaying personal details of 2,000 individuals applying for controlled function status.

Alongside smaller data protection issues like failing to reply to data requests in a timely fashion, the regulator lost files in its offices related to regulatory action it was taking against a firm in March 2015.

An external contractor mislaid “enforcement-related papers” later that year, after the wrong courier company collected confidential enforcement papers in September 2014 which were eventually recovered.

Internal FCA colleagues were unintentionally allowed to see information on regulatory staff salaries last year.

The wrong firm was also emailed the personal details – including national insurance number – of a City worker in 2016.

Treasury select committee Andrew Tyrie told The Times: “Our financial services watchdog should be holding itself to the standards it expects from industry.”

“Everyone makes mistakes, but…the FCA seems to be making more than its fair share.”

Recommended

FCA pays advertising giant £400,000 for PPI deadline campaign

The FCA has paid advertising agency M&C Saatchi more than £400,000 as part of plans to introduce a deadline on payment protection insurance complaints. The regulator has proposed setting a deadline for PPI claims of June 2019, and is looking to launch a wide-scale consumer communications campaign to inform people of the new rules. As […]

FCA logo new 3 620x430

The biggest FCA fines of 2016

FCA fines may have dropped to their lowest level since the financial crisis, but that doesn’t mean the regulator hasn’t charged some eye-catching amounts in 2016. Among the regulator’s 23 fines worth £22.2m, big names in the advice market like Aviva and Towergate took multi-million pound hits. The sanctions range from money laundering failures and […]

FCA interior 620x430

Landbay granted full FCA authorisation

Peer-to-peer lending platform Landbay has been granted full FCA authorisation and will launch its property-backed ISA in the new year. The buy-to-let specialist investment platform is driven by peer to peer technology and backed by BTL property. Landbay chief executive John Goodall says: “We are pleased to confirm that the FCA has granted Landbay its […]

Patient - thumbnail

Company sick pay – new findings

Research by insurer LV= suggests that some 11 million employees in the UK have no company-paid sick leave entitlement. So if an employee from within the above grouping cannot work through illness or injury for any period of time, their only income would likely be that provided by state benefits alone.