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Three arms of HSBC have been fined over £3m for control failures which potentially left customers’ confidential details open to being lost or stolen.
The Financial Services Authority (FSA) has fined HSBC Life UK £1,610,000, HSBC Actuaries and Consultants £875,000 and HSBC Insurance Brokers £700,000 for not having adequate systems and controls in place.
The fines follow an investigation by the regulator which found that large amounts of unencrypted customer details had been sent via post or courier to third parties.
Confidential information about customers was also left on open shelves or in unlocked cabinets and could have been lost or stolen.
In addition, staff were not given sufficient training on how to identify and manage risks like identity theft, the FSA said.
