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The Information Commissioner (ICO) has fined consumer lender Welcome Financial Services Limited (WFSL) £150,000 for losing more than half a million customers’ details. The ICO confirmed the civil monetary penalty (CMP) in its annual report today after it was discovered that WFSL’s Shopacheck business had lost personal data on 1.4 million customers and its own former staff in November 2011. The loss was reported after two IT back-up storage tapes were discovered missing from Cattles’ Kingston House building in Birstall, West Yorkshire, at the end of November 2011....Read more here: ICO confirms fine for Welcome Financial Services
Lender loses personal details of 1.4m people Blog March 2012 LINKY
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Customers of now-defunct lender Welcome Financial Services Ltd (WFSL) are invited to submit claims to the Financial Services Compensation Scheme (FSCS) for advice or compensation. Welcome Financial was a subsidiary of subprime lender Cattles, which provided personal loans, second mortgages and finance for new cars for people with poor credit rating and was subsequently closed down for having numerous bad loans on its books. Misreporting figures related to ‘toxic’ loans and issues of security, including the loss of two back-up tapes containing the personal information of over one million clients, were factors contributing to the collapse of WFSL.....Read more here