The FSA has failed to protect the email addresses of hundreds of IFAs and apologised for the failing which were revealed in a mass email.
Earlier this month, keen to sound out the possible effects of the RDR proposals on their business, the FSA emailed an online questionnaire to firms requesting information. The regulator made the addresses of advisers receiving a carbon copy plainly visible in the email.
This is hardly on a par with losing thousands of private individuals’ personal financial details on a USB drive or laptop, but no doubt the FSA knockers will have their two pennyworth. IFA email addresses are available on the FSA register and undoubtedly on the websites for those that have them, not to mention the online business directories.
CEI’s View: Yes it was an error as the survey was presumably confidential and suitably random for statistical purposes: yes it could negate the results if someone were to influence any or all of the IFAs regarding their RDR views, however we seriously doubt any IFAs have that much influence over others. The FSA will undoubtedly review their procedures and smack someone’s wrists, but the front page can carry on rolling off the press. Its not a show stopper.
