Reply to post: Re: Our laws and regulations that weak?

Punctual as ever, Equifax starts snail-mailing affected Brits about mega-breach

Anonymous Coward
Anonymous Coward

Re: Our laws and regulations that weak?

> Because the FCA have no big stick with which to beat Equifax Inc with, since it is

> not a UK company? I imagine the FCA only has powers over the UK subsidiary, not

> the far more substantial US corporation.

Indeed, it'd be the organisation known as Equifax Limited (formerly Equifax Plc), which made around £24m in pre-tax profit mon £115m of income last year, which they'd have powers over (as Equifax US isn't trading in the UK). The FCA/PRA do have fairly severe powers available to them, including licence revocation, banning individuals from workng in the sector, and custodial sentences for senior managers (if they chose to use them, and upon successful prosecution, obviously)...

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