By Jo Best
Special to ZDNet Asia
July 23, 2009
Three HSBC companies have been hit with fines after the financial
services watchdog found they weren't doing enough to protect customers'
The Financial Services Authority (FSA) fined HSBC Life 1.6 million
pounds (US$2.6 million), HSBC Actuaries 875,000 pounds (US$1.4 million)
and HSBC Insurance Brokers 700,000 pounds (US$1.1 million)--making a
total of 3.1 million pounds (US$5.1 million) in penalties between them.
Due to the fact the three firms settled with the FSA, their fines were
discounted by 30 percent--the original charges totaled 4.55 million
pounds (US$7.47 million).
The FSA handed down the fines after an investigation found customer data
was sent without encryption to third parties and via couriers, and left
in unlocked cabinets and shelves openly.
Staff were also not given proper training over how to spot and deal with
risks like identity theft, the FSA found.
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