The Financial Services Authority (FSA) has announced that it has fined Europe’s biggest bank HSBC over breaches of confidentiality and information security within three separate units of the bank.
The FSA says that fines ammount to over £3million and are split between HSBC Life, HSBC Actuaries and HSBC Insurance Brokers. The three units of the bank had failed to put in place adequate systems and controls to protect customer data from being lost or stolen, says the financial regulator.
HSBC Life received a fine of £1.61 million, HSBC Actuaries fined £875,000 and HSBC Insurance £700,000.
The FSA say that last year HSBC Life lost an encrypted CD containing the customer details of 180,000 policy holders which had been lost in the post.
0 comments so far
There are no comments for this post yet. Why not be the first by filling out the form below.