FSA fines stockbroker for weak security controls

The firm was found to have inadequate procedures for verifying the identities of customers that contacted the firm by telephone, instead relying on being able to recognise customers' voices and talking with them informally about personal matters. Personal account numbers which could be used, with a customer's name, to access account information were included in routine letters, while back up tapes containing unencrypted customer information were stored overnight in a bag at the home of a member of staff. The firm also failed to address the risk involved in its staff being able to use in...