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Banks move to reassure public over Revenue data loss

The banking industry has moved to allay concerns that HM Revenue & Customs loss of the personal information, including bank details of 25m people will result in mass identity fraud.

The HMRC has set up a helpline for concerned individuals and Apacs is warning people to be vigilant and check their bank statements.

Apacs says there is no evidence the data has fallen into the wrong hands but if it does, individuals will be protected by the Banking Code.

It adds bank details, national insurance numbers, date of birth and names and addresses is insufficient for fraudsters to access a bank account as they will need additional security information and passwords.

Apacs chief executive Paul Smee says: “While this incident is extremely serious, at this stage customers should not be unduly concerned, as there’s no evidence that the data has fallen into criminal hands.

“As part of its usual procedures the banking industry has done all it can to protect its customers accounts and will continue to do so. In the event that anyone is the innocent victim of fraud as a result of this incident customers can have peace of mind that they enjoy protection under the Banking Code which means that you should not suffer any financial loss as a result.”


RBSIP cuts proc fees across brands

RBSIP has confirmed it will be cutting its procuration fees on its First Active, RBS and The One account products.The lender says that having been positioned at relatively high levels, this will brings its proc fees broadly into line with the rest of the market.Proc fees will remain unchanged on Natwest buy-to-let products.Proc fees for […]

Osborne says five year Rock loan exposes taxpayers to “extraordinary” risks

Shadow Chancellor George Osborne says taxpayers have been exposed to “extraordinary” long-term risk by the £50m Treasury loan given to Northern Rock which has come to light this week.The loan, which does not have to be paid back for five years, is in addition to the Bank of England’s £24 bn loan to the lender, […]

Moreau hopes to convince Treasury on need for flexible retirement products

Axa UK chief executive Nicolas Moreau is calling on the Government to allow greater flexibility in the at-retirement market.Speaking at the Tax Incentivised Savings Association conference in London last week, Moreau said he is in discussions with the Government around freeing up the rules on forced annuitisation at age 75,He said: “Some regulatory changes around […]

Hometrack chief to head strategy at Pru

Prudential has recruited former Hometrack Data Services chief executive Simon Allen as chief operations officer.Allen will help to develop and deliver Prudential’s strategy in the UK life and pension market.Before working at Hometrack, Allen was at Capital One Bank for six years as vice-president of international operations and chief investment officer among other roles.He previously […]


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