View more on these topics

Skipton blunder on client data

Skipton Building Society has made a data blunder which saw over 3,000 customers’ account details sent to other customers.

The society says a printing error was to blame for customer account details being printed on the back of the wrong customers’ statements.

In 2007, the FSA fined Nationwide Building Society £980,000 after a security breach following the theft of a laptop from an employee’s home.

Skipton’s letters included the name, account number, balance and interest earnings of other customers. Skipton insists this information would not be sufficient to withdraw funds as they are passbook accounts requiring a signature, which cannot be accessed online.

Skipton says the error occurred on letters received by 3,115 customers out of a mailing list of 108,000. It is writing to those affected to apologise and is offering to change account numbers.

Recommended

2

Margin for error

Regulatory Legal partner Gareth Fatchett says the network model is a busted flush.

4

Charging myths

So many myths surround fees. The RDR is proposing to introduce adviser-charging. There is a big difference between adviser-charging and fee-charging. With the latter, you charge for advice regardless of whether your customer implements that advice by purchasing a financial product. With the former, you could continue to work on a speculative basis and only […]

1

SimplyBiz in Verbatim link-up with multi-managers

SimplyBiz is partnering with multi-managers at five investment firms, including Henderson New Star, Ignis, Architas and Schroders, to run funds for its new investment firm Verbatim. Last week, Money Marketing revealed that SimplyBiz was launching Verbatim in February, offering members free access to an independent risk-profiling and financial planning tool powered by Distribution Technology. Five […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment