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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.”

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. “Quis custodiet ipsos custodes?” Or who will fine the traffic wardens?

  2. Treasury select committee Andrew Tyrie told The Times: “Our financial services watchdog should be holding itself to the standards it expects from industry.” Tell us something we don’t already know Mr Tyrie, namely that the FCA has failed and continues to fail time after time to hold itself to the standards it requires of those it purports to regulate, and tell us also what you plan to do about it. All this frowning, tut-tutting, pursing of lips and finger-wagging are just impotent posturing.

    Elsewhere it’s been reported that the FCA has attempted to downplay the seriousness of these breaches by claiming that, as no actual harm has been done, they’re no big deal. Yet, on the other hand, has not the FCA imposed a number of substantial fines on organisations for security breaches which only might have but, in practice, haven’t actually caused any harm to customers? It seems to be a case of one rule for the regulated but quite another for the regulator.

  3. […] reveals details of a number of data protection breaches that have happened recently at the UK's Financial Conduct Authority (FCA). The report shows security failures including losing confidential enforcement-related papers and […]

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