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The FCA held Equifax accountable for an avoidable UK consumer data breach due to insufficient supervision of outsourced data management and neglected vulnerabilities in its parent company’s data security systems. The compromised personal information included names, birthdates, contact numbers, addresses, and partial credit card details.
The impact of the breach on UK consumers was not immediately discerned, resulting in poor crisis management. This included issues with managing complaints and contacting affected individuals. The situation was exacerbated by misinformation about the extent of the incident and a lack of quality assurance checks in handling complaints.
FCA executives, Therese Chambers and Jessica Rusu, emphasized the ethical obligation of financial firms under Consumer Duty to safeguard customer data. Chambers criticized Equifax’s mishandling of breaches while Rusu underscored firms’ dual technical and ethical responsibilities.
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