FSA fines Nationwide £980,000 for information security lapses

LardyCake

This relates to the stolen laptop incident.

http://www.fsa.gov.uk/pages/Library/Communication/PR/2007/021.shtml

So the FSA effectively fines Nationwide customers (as we are the owners) for Nationwide not looking after Nationwide customers data securely...
This fine should come out of the directors pay!

Or have I misunderstood and this really makes sense?

Robert_Sterling

The fine is less than 10p per account held at Nationwide.
I guess the fine goes to the FSA to help pay for policing the fanancial service industry.

molerat

But it is not Nationwide customers (shareholders) that are at fault, it is the directors. In effect the people who, through no fault of their own, could have lost out due to this security lapse have been fined. The money should be taken from directors bonuses.

Milarky

Robert_Sterling wrote:

I guess the fine goes to the FSA to help pay for policing the fanancial service industry.

..or for the staff jollies...