Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Bank of Ireland UK reprimanded for inaccurate data on customers’ accounts

by December 15, 2023
December 15, 2023
Bank of Ireland UK reprimanded for inaccurate data on customers’ accounts

The Information Commissioner’s Office (ICO) has issued Bank of Ireland UK with a reprimand for mistakes made on more than 3,000 customers’ credit profiles.

Bank of Ireland UK sent incorrect outstanding balances on 3,284 customers’ loan accounts to credit reference agencies, organisations that help lenders decide whether to approve financial products. This inaccurate data could have potentially led to these customers being unfairly refused credit for mortgages, credit cards or loans, or granted too much credit on products they were potentially unable to afford.

The investigation found that, due to the complex nature and different factors contributing to credit scoring, it would be impossible to determine the actual damage caused to each customer. However, the ICO concluded it was reasonable to assume that the inaccurate data sent by Bank of Ireland UK to credit reference agencies would have had a negative impact on the customers affected.

Reported to the ICO in March 2021, Bank of Ireland UK was found to be in breach of data protection law by failing to ensure personal data was accurate, article 5(1)(d) of GDPR.

Natasha Longson, ICO Head of Investigations said: “Mistakes made by financial institutions can have far-reaching consequences on people’s everyday lives. Some of the customers affected could have been refused mortgages, loans or credit cards, as well as being unable to get mobile phone contracts, insurance policies or sign up with utility companies. The mistake made by Bank of Ireland UK could have potentially caused misery for thousands of people.

“We do however recognise the steps the bank has taken to correct their error, supporting affected customers and reviewing its data-management processes. Therefore, we believe a reprimand is the best, fairest outcome, and that lessons have been learnt to avoid mistakes like these in the future.”

Steps recommended in the reprimand to ensure Bank of Ireland UK’s compliance with data protection include continuing to support affected customers, ensuring that robust processes are in place, and are reviewed regularly, and that learnings are shared across the organisation to prevent a repeat of the issue.

Read more:
Bank of Ireland UK reprimanded for inaccurate data on customers’ accounts

0
FacebookTwitterGoogle +Pinterest
previous post
Chinese official who praised CCP makes another appearance at top Ivy League school: ‘Historic connections’
next post
How to implement an inbound marketing plan

You may also like

Think tank calls for skilled migrants to fuel...

August 31, 2024

House of Fraser owner could close more big...

July 28, 2023

Personalised plate boom: drivers and investors snap up...

February 3, 2025

Comprehensive Guide to Pickleball Court Installation

June 28, 2024

LGBTQ+ Business Trends: How the Lesbian Dating Industry...

March 25, 2025

Getting to Know You: Michael Carroll, Council Member...

March 14, 2023

Urgent action needed to prevent London’s black cabs...

March 19, 2025

Government’s AI investment will create opportunities, not job...

March 18, 2025

Confidential documents from 14 UK schools leaked by...

January 6, 2023

Middle-class homeowners put kitchen renovations on hold over...

September 23, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Claim Trump nixed top Musk ally from NASA post over Dem donations belied by ex-Dems on team

      June 6, 2025
    • House Budget chairman explains why there’s no ‘pork’ in Trump tax bill after Elon Musk attacks

      June 6, 2025
    • Silver’s Surge is No Fluke—Here’s the Strange Ratio Driving It

      June 6, 2025
    • Friday Feature: Incubate Debate

      June 6, 2025
    • Risch urges ‘top to bottom’ USAID spending review after waste, fraud exposed

      June 6, 2025
    • Universities in Libertarian Land

      June 6, 2025

    Categories

    • Business (8,149)
    • Investing (2,013)
    • Politics (15,547)
    • Stocks (3,131)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved