HSBC firms fined £3m for losing 180,000 client files

The FSA says the firms' failings led to sensitive customer data being lost in the post on two occasions. HSBC Life Limited received the biggest fine at £1,610,000, while HSBC Actuaries and Consultants Limited and HSBC Insurance Brokers Limited were fined £875,000 and £700,000 respectively. When investigating security systems and controls, the FSA found large amounts of customer data was being sent in an unencrypted format via post a courier to third parties. Confidential files were also left on open shelves and kept in unlocked cabinets where they could be easily stolen. HSBC Ac...