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Threesixty, the fee-based IFA support services provider, has designed a template security policy to help IFAs establish measures to tackle fraudsters.

The policy is aimed specifically at small to medium-sized IFAs and provides a basic overview of what security measures they need to take, to protect both electronic data and paper records.

Phil Young, partner of threesixty, said: “Security has become an increasingly important issue this year because the FSA is putting it higher on the priority list and every IFA needs to have appropriate measures in place. Many IFAs do have some security to a greater or lesser extent, but this template policy provides them with a checklist of additional items they might consider, and importantly, a means of documenting their policy.

“Any IFA firm with a policy already in place could use ours as a checklist to ensure everything is covered. It includes a section on physical security as well as data – there is a lot of discussion around encrypting laptops but not all businesses verify everyone walking in through the door.”

The policy contains a suggested approach for authenticating the identity of a client before information is given by telephone, to help avoid identity fraud. The policy outline includes a client authentification form with a series of questions similar to those used in telephone banking systems.

The policy also provides a set of standards from which to work from when setting up and auditing internal systems and processes for compliance with the policy.