Feeds

Prudential cops £50k ICO slap for giving customer's life savings away

Company repeatedly mixed up pair with same name, DOB

Next gen security for virtualised datacentres

Insurance firm Prudential has been slapped with a £50,000 fine for merging the accounts of two customers' accounts with the same name and date of birth and not bothering to fix the situation when the customers complained.

The company merged the two accounts with the same first name, surname and date of birth in March 2007, a mistake which ended up seeing one customer's retirement savings transferred to the other customer's investment firm. The Information Commissioner's Office levied the fine, the first the office has served that doesn't relate to data loss.

Both customers repeatedly told Prudential that there were problems with their accounts such as the wrong address or wrong documents. In fact, both customers tried to change their listed address a number of times, but every time they managed it, the changed address was copied over to the other person's policies.

"This case would be considered farcical were it not for the serious sums of money involved," Stephen Eckersley, ICO. "Two customer files were consistently confused and the company failed to remedy the situation despite being alerted to the problem on more than one occasion before it was finally resolved."

As well as the fine, Prudential is also trying to get the money it transferred over to an investment company, which included the wrong customer's cash, returned. The insurance firm also said that it would be improving staff training and updating its processes. ®

Secure remote control for conventional and virtual desktops

More from The Register

next story
Super Cali signs a kill-switch, campaigners say it's atrocious
Remote-death button bad news for crooks, protesters – and great news for hackers?
UK government accused of hiding TRUTH about Universal Credit fiasco
'Reset rating keeps secrets on one-dole-to-rule-them-all plan', say MPs
Caught red-handed: UK cops, PCSOs, specials behaving badly… on social media
No Mr Fuzz, don't ask a crime victim to be your pal on Facebook
Ex US cybersecurity czar guilty in child sex abuse website case
Health and Human Services IT security chief headed online to share vile images
Don't even THINK about copyright violation, says Indian state
Pre-emptive arrest for pirates in Karnataka
The police are WRONG: Watching YouTube videos is NOT illegal
And our man Corfield is pretty bloody cross about it
Felony charges? Harsh! Alleged Anon hackers plead guilty to misdemeanours
US judge questions harsh sentence sought by prosecutors
prev story

Whitepapers

A new approach to endpoint data protection
What is the best way to ensure comprehensive visibility, management, and control of information on both company-owned and employee-owned devices?
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Maximize storage efficiency across the enterprise
The HP StoreOnce backup solution offers highly flexible, centrally managed, and highly efficient data protection for any enterprise.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.