FCA data protection breaches revealed

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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.”