The Financial Services Authority (FSA) has today announced that it has fined Norwich Union £1.26 million.

The penalty has been imposed for not having strict enough preventive measures to protect itself and its customers from fraud.

A lack of control over systems, which in some cases allowed fraudsters to successfully get hold of policyholders' confidential information, was cited as the main reason for the fine.

Records including dates of birth, names, addresses and bank account details were able to be obtained.

Fraudsters used the information to request the surrender of 74 customers' policies resulting in the loss of £3.3 million in 2006.

Margaret Cole, director of enforcement at the FSA, said: "It is vital that firms have robust systems and controls in place to make sure that customers' details do not fall into the wrong hands."

She added that firms must review their control systems frequently to tackle the increasing problem of identity theft.

In conclusion she said that the fine sent out a "clear message" that the FSA took information security very seriously and required firms to do so as well.

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