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06/11/2012
Prudential Fined Over Unresolved Account Mix-Up
Two customers with the same name and date of birth had their accounts merged, resulting in tens of thousands of pounds ending up in the wrong savings account.
Insurance company Prudential mistakenly merged the records of the two customers in March 2007.
Prudential UK has been fined £50,000 by the Information Commissioner over the mistake, which went unnoticed for three years.
"This case would be considered farcical were it not for the serious sums of money involved," said Stephen Eckersley, the commissioner's head of enforcement.
A spokesman for the Prudential said that the confused names of the two savings customers were "not uncommon". He apologised and said that the customers had been compensated.
But he added that the problem originated from a mistake by one of the customer's financial advisers.
Prudential was told about the mistake on several occasions, the Information Commissioner's Office (ICO) said.
This included a letter from one of the customers involved in the mix-up pointing out that he had not changed his address for 15 years, so there was clearly a problem.
The fine imposed by the ICO related to the failure of the company to investigate fully when alerted to the problem.
(H/GK)
Insurance company Prudential mistakenly merged the records of the two customers in March 2007.
Prudential UK has been fined £50,000 by the Information Commissioner over the mistake, which went unnoticed for three years.
"This case would be considered farcical were it not for the serious sums of money involved," said Stephen Eckersley, the commissioner's head of enforcement.
A spokesman for the Prudential said that the confused names of the two savings customers were "not uncommon". He apologised and said that the customers had been compensated.
But he added that the problem originated from a mistake by one of the customer's financial advisers.
Prudential was told about the mistake on several occasions, the Information Commissioner's Office (ICO) said.
This included a letter from one of the customers involved in the mix-up pointing out that he had not changed his address for 15 years, so there was clearly a problem.
The fine imposed by the ICO related to the failure of the company to investigate fully when alerted to the problem.
(H/GK)
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