Press
Protect your client data, warns FSA
David Pawsey April 30, 2008
Firms need to do more to protect their customers' details, the FSA has warned.
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Following a review of systems and controls for data security the watchdog said banks, building societies and advisers still underestimate the risk of data loss and fraud to their businesses and to their customers.
Speaking at the FSA's annual conference on financial crime last week Philip Robinson, director of financial crime and intelligence division for the FSA, said customers had a right to be confident firms were doing everything reasonably possible to keep their personal and financial details safe.
He said: "Some firms have made progress by adopting good practice while others need to do more in this area to ensure they are treating their customers fairly.
"Firms getting data security right is a key priority for the FSA and we expect the industry to raise its standards."
James Carter, proprietor of London-based IFA Independent James, said he thought data security was more of an issue for larger firms.
He said: "It is easier for smaller firms to keep information safe by password protecting their computers and shredding hard copies. Larger firms face the problem of rogue employees."