Double fines await IFAs for data security lapses

Scott Sinclair
clock •

Financial advisers are being warned to tighten their data security as new powers mean they could be fined TWICE for breaches.

From next April, the Information Commissioner's Office (ICO) will join the FSA as an organisation with the power to fine firms that breach its rules. It follows a record £3.2m FSA fine handed out earlier this week to HSBC subsidiaries, including more than £1.6m to the group's insurance arm HSBC Life for data security lapses. City law firm Reynolds Porter Chamberlain (RPC) says the fine represents a huge jump from the £980,000 fine handed to Nationwide Building Society for similar failures in 2007 and suggests the FSA's crackdown will get worse. But it adds an additional threat to f...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Advised clients want more personal investment communication

Advised clients want more personal investment communication

Four in ten say comms focused more on product than goals

Jenna Brown
clock 12 November 2026 • 3 min read
How economic abuse manifests itself in pensions, mortgages and protection

How economic abuse manifests itself in pensions, mortgages and protection

Second in a three part series

Shelley Read
clock 11 November 2026 • 5 min read
Celtic FP founder launches online admin platform for advisers

Celtic FP founder launches online admin platform for advisers

‘Developed by people who understand the industry’

Jenna Brown
clock 10 November 2026 • 2 min read