View more on these topics

BoS offers clients help after data leak

Bank of Scotland is offering 62,000 customers free registration with an anti-fraud service after a CD containing details of two-thirds of its customers’ mortgage accounts was lost in the post.

The bank has already written to the affected mortgage customers to apologise and reassure them that it would be “almost impossible” to use the information on the disc for financial fraud.

It says that in the unlikely event of details being used for fraudulent purposes, affected customers will not be left out of pocket.

BoS has offered affected customers the chance to register free of charge with CIFAS, the UK’s fraud prevention service. This facility offers additional protection against the misuse of personal information when applying for credit and other products and services.

The disc was lost while the bank was sending a monthly update of customer information to credit reference agencies.

The data held on the disc includes names, addresses, dates of birth and mortgage account numbers but not bank account details, PIN numbers or passwords.

The Financial Services Authority and the Information Commissioner have been informed of the incident.

Shane O’Riordain, general manager of group communications at BoS, says: “We apologise to our customers for any inconvenience or upset this incident may have caused.

“We have taken steps to protect our customers and ensure this does not happen again.”

Recommended

BoS launches five B2L deals

Bank of Scotland has launched five buy-to-let products with rental income calculations based on 100% of the initial product pay rate. The range includes a two-year tracker at base rate plus 0.21% and a two-year fix at 5.99%, both with LTVs of 85%.

Good news for equity release clients

Some welcome news this week from Prudential, which has announced that it is dropping the interest rate on its standard lifetime mortgage product with immediate effect.

AVMs in 25% of sales by 2011

The Council of Mortgage Lenders predicts that automated valuation models will be used for a quarter of house sales by 2011.The CML forecasts that the use of AVMs will grow sharply in the next four years as lenders utilise the technique for higher LTV deals as an alternative to physical inspections.It estimates that by 2011, […]

The FSA will probe private equity risks

The Financial Services Authority will continue to probe the risks posed by private equity of market abuse and conflicts of interest. The regulator today published its feedback to Discussion Paper 06/6 Private Equity: A discussion of risk and regulatory engagement, which examined the impact that growth and development in the private equity market has on […]

Phone - thumbnail

Pension Wise — now taking calls…

Those with decent-length memories will recall that in the 2014 Budget statement George Osborne announced the new (and entirely unexpected) pension freedoms. The new rules come fully into force in less than two weeks.

Newsletter

News and expert analysis straight to your inbox

Sign up