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The Financial Services Authority (FSA) is to fine investment management and corporate finance firm Merchant Securities Group for failing to protect its customers from the possible risk of identity fraud.
According to the regulatory body, the firm did not have adequate processes in place for confirming the identity of customers contacting them over the phone.
Instead, the company "relied on being able to recognise customers' voices", while talking to them about personal information, such as their hobbies.
Margaret Cole, director of enforcement at the FSA, said: "It is unacceptable that despite increased awareness of data security issues, a firm should be so careless about its systems for protecting customers' personal details."
People ought to be able to expect that their details will be kept securely, she added, noting that companies in the UK need to do more to help reduce financial crime.
Earlier this month, the FSA fined Andrew Jeffreys, who trades as Chepstow Financial Services, for certain failings within the self certification mortgage sales process.
