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The Information Commissioner’s Office (ICO) has issued a £50,000 fine to the Prudential Assurance Company Limited for a database error that caused an individual’s retirement funds to be placed into another individual’s account, V3.co.uk reports. According to an ICO press release, the move is “a warning to the financial sector” and “the first monetary penalty served by the ICO that doesn’t relate to a significant data loss.” ICO Head of Enforcement Stephen Eckersley said, “We hope this penalty sends a message to all organizations, but particularly those in the financial sector, that adequate checks must be in place to ensure people’s records are accurate.” Prudential has apologized and compensated the affected individuals.
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