IFA told to compensate client over cyber breach

On 10 October 2023, fraudsters accessed the complainant's - Mrs M's - ISA, added a new bank account, and attempted to withdraw £9,980. The ISA provider's alert email prompted Mrs M to contact EFS, which stopped the withdrawal before any funds were lost. Personal and financial data were compromised in the breach. Mrs M complained that EFS was responsible for the data breach that allowed fraudsters to access her personal information. Although the withdrawal was stopped, Mrs M claimed that she suffered distress and inconvenience. Due to this, she sought compensation from EFS, including f...