Disclosure in The UK
Scotsman.com reports “Standard Life customers are hit by breach in security,” and Computerworld.uk reports that a “Laptop containing Southend children’s social services case notes bought on eBay.”
In the US, neither of these would even be news. They’re both small, first time mistakes. Both would probably require notice under state law.
However, it’s anarchy in the UK. There are no disclosure requirements. So why did Standard Life say this:
It said: “There has been an individual error in systems employed for the production of contract notes by Standard Life Investments.
“Less than 0.2 per cent of our valued investors have been impacted by this. We have acted swiftly to make investors aware of the error.”
I’ve said before that there’s a new standard out there, even ahead of the laws. It requires owning up to mistakes, and doing so promptly.
I wanna be clear on something: customers prefer it that way. Every customer impacted knew about it (they got someone else’s bank statement.) I bet fewer than 15 leave.