FSA has fined three HSBC firms in the insurance sector for not having adequate systems and controls in place to protect their customers' confidential details from being lost or stolen. This follows recent similar action by FSA against several other major financial institutions. HSBC Group Insurance's compliance team had warned the firms about the need for robust data security controls. All three co-operated fully with FSA in its investigation, agreed to settle at the early stage of FSA's investigation and therefore qualified for the maximum discount of 30% on the fine.