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Wealth Manager Data Breach Claims

Has your personal information been compromised in a wealth manager data breach? Have you suffered harm as a result of this breach? If your personal data has been compromised as a result of wrongful conduct on the part of your wealth manager, you may be able to claim.

This guide will explain what a wealth manager is and what information they may have access to. We will also explore data protection legislation in the UK and how it applies to financial services, how to report a personal data breach, and how one of our No Win No Fee solicitors could help you.

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How to make a wealth manager data breach claim guide

A personal data breach involving a wealth manager can cause mental health problems with undue stress and anxiety, as well as significant financial harm.

If you intend to pursue a data breach claim, our advisors can help. They may also put you through to our No Win No Fee solicitors who can help begin your claim. Contact us today by:

Select A Section

  1. What Is A Wealth Manager Data Breach?
  2. What Financial Data Could A Wealth Manager Have Access To?
  3. Does The UK GDPR Apply To Financial Services?
  4. Reporting A Wealth Manager Data Breach
  5. What Could I Claim For A Wealth Manager Data Breach?
  6. How To Claim For A Data Breach By A Wealth Manager

What Is A Wealth Manager Data Breach?

A personal data breach is a security incident that compromises the integrity, availability, or security of your personal data. The Data Protection Act 2018 (DPA) and the UK General Data Protection Regulation 2016 (UK GDPR) are two pieces of legislation that establish the data protection rules in the UK.

There are also terms that you may want to make yourself familiar with. For example, a data subject’s (referring to you) personal information is processed by a data controller. In Article 4 of the UK GDPR, definitions are provided for:

  • Data controllers – For example, an organisation that says why and how you data shall be processed. If a wealth managers handles your personal data they become a data controller.
  • Data processors – An external party a data controller can hire to process data on their behalf.

Data controllers must comply with data protection law to safeguard your personal data. If they fail to do so, and you suffer harm as a result, you may be able to make a personal data breach claim.

To find out if you have a valid wealth manager data breach claim, contact our advisors today.

What Financial Data Could A Wealth Manager Have Access To?

Since wealth managers manage the finances of individuals or families, they have access to both personal data, and a type of personal data called special category data. Personal data covers any information that could identify you. For example, this could include your name, email address, or phone number. In terms of financial information, your wealth manager may have access to:

Special category data is a type of personal information that requires extra protection according to data protection law. Special category data can include:

For more information about what type of data could potentially be involved in a wealth manager data breach, contact our advisors today.

Does The UK GDPR Apply To Financial Services?

The UK GDPR and the DPA apply to all organisations in the UK that process personal data including financial services such as wealth managers, accountants, and banks. However, In order to make a data breach claim, there must be proof that a breach was a result of positive wrongful conduct. 

Organisations must be able to provide a valid reason to collect and process your personal data. This is called a lawful basis for processing, which can include:

  • Consent The data subject consents to the processing of their personal data.
  • Contract – To fulfil a contract
  • Legal obligation – It is necessary to process your data to comply with the law.
  • Vital interests – Data must be processed to protect the life of an individual.
  • Public task – In order to perform a task in the interest of the public 
  • Legitimate interests – processing is necessary for legitimate interests

For a wealth manager data breach claim to be valid the onus will be on you to show how data protection laws were not followed. You will also need to show how this led to your personal data being breached and what harm was caused. 

Reporting A Wealth Manager Data Breach

If you believe your data has been breached, you can contact your wealth manager or their firm and request more information. If the breach threatens your rights or freedoms, they are legally required to inform you as soon as possible, as well as the Information Commissioner’s Office (ICO), the independent body responsible for enforcing data protection law.

However, if you do not receive a satisfactory response, you can make a complaint directly to the ICO. Wait no more than three months following the last meaningful contact you had with your wealth manager or their firm regarding the breach. It’s important to note that the ICO cannot provide compensation, but it can enforce a fine on organisations found to be in breach of the UK GDPR or DPA.

Get in touch with our team of advisors today to find out how reporting a wealth manager data breach could help strengthen your claim.

What Could I Claim For A Wealth Manager Data Breach?

The two heads of claim you can pursue as part of your personal data breach claim include:

  • Material damages –  This looks at financial losses and identity fraud or theft. 
  • Non-material damages – Such as the development of post-traumatic stress disorder (PTSD), anxiety, general stress, paranoia, depression, and other psychological issues.

The 16th edition of the Judicial College Guidelines (JCG) establishes the possible compensation brackets for non-material damages, dividing them by the sort of injury and intensity level as shown in the table below:

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Injury Compensation Notes
Generally severe mental health damage (a) £54,830 to £115,730 The injured person will have severe problems with daily life activities, relationships and future vulnerability. The level of the award is affected by symptoms, medical treatment and extent of recovery.
Generally moderately severe mental health damage (b) £19,070 to £54,830 Substantial problems with the above factors, with an improved prognosis.
Generally moderate mental health damage (c) £5,860 to £19,070 The injured person will undergo a marked improvement in their prognosis.
Generally less severe mental health damage (d) £1,540 to £5,860 Where the award differs according to extent of disabilities and how much sleep and daily life have been affected.
Severe mental health anxiety disorder (a) £59,860 to £100,670 Injuries may stop the person from working and all daily life aspects are negatively affected.
Moderately severe mental health anxiety disorder (b) £23,150 to £59,860 There has been some recovery with professional help, but there may be considerable disabilities in the future.
Moderate mental health anxiety disorder (c) £8,180 to £23,150 The person has recovered from most of their injuries with only minor symptoms persisteing.
Less severe mental health anxiety disorder (d) £3,950 to £8,180 Within a two-year period, the person has almost fully recovered from the injuries.

Following the case of Vidal-Hall v Google Inc, the Court of Appeals changed how some compensation is claimed in personal data breach claims. You may now claim for non-material damages without the presence of financial losses.

For more information on successful wealth manager data breach compensation claim amounts, connect with our advisors today.

How To Claim For A Data Breach By A Wealth Manager

Personal data breaches can be a complex part of the law, and as such, you may benefit from legal advice during your claim. We urge you to contact our advisors today if you wish to pursue your claim, as they can help you determine whether your claim is valid. 

Our solicitors offer Conditional Fee Agreements (CFA). This agreement provides access to legal representation without upfront or ongoing costs. Under a CFA, solicitors take their payment through a success fee. The fee is a minor amount of your compensation, and it is only taken if your case succeeds. If it fails, you do not pay their fee.

To find out how one of our No Win No Fee solicitors could benefit you and your case, get in contact with our advisors today by: 

Financial Service Data Breach Resources

To get more information on financial service data breaches, we suggest:

Or, for more helpful information:

Contact our advisors today for more advice on a wealth manager data breach.

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    Meet The Team

    • Patrick Mallon

      Patrick is a Grade A solicitor having qualified in 2005. He's an an expert in accident at work and public liability claims and is currently our head of the EL/PL department. Get in touch today for free to see how we can help you.

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