Fidelity SIPP Personal Statement Issued to Employer - Data Breach?

Van_Girl

I have a SIPP with Fidelity, into which I have a regular payment set up for my salary sacrifice from my employer.

I discovered today, after finding a stack of documents on my desk, that Fidelity have sent my quarterly statement to my employer. This lists all of my investments and how they have performed in the last quarter, as well as a reference number. The account number is partially obscured.

My personal details aren't on the statement, but clearly my employer knows it's mine as I'm the only one with a Fidelity SIPP.

I called Fidelity and they say they know they've issued a small number of statements incorrectly, and that there was no data breach as there's no identifying information on the documents.

It feels like a data breach to me, as my employer now knows the exact details of all my investments.

I'm not certain there's anything I can really do about it, and Fidelity don't seem overly concerned that they've done this. I can't find anything online or otherwise, so I suppose I'm just letting anyone with Fidelity holdings know that this could have happened to your information.

flaneurs_lobster

Well it's certainly a data breach (thanks for the heads-up) but not sure if there's any consequence that's particularly problematic.

Do you work for a commercial enterprise? If your statement revealed that you had a large investment in a direct competitor to your employer then that might be seen as a problem, depending on your position/seniority.

But that seems unlikely.

Doesn't sound like you are concerned about pursuing compensation, can't imagine they would be particularly significant given the nature of the data disclosed.

Personally I'd not be worried.

Van_Girl

I'm not worried per se, I think just annoyed that my personal investment details have been given out. There are no employment consequences, except my boss and whoever else might have seen the letter (we all open mail addressed in the company name) now knowing what's in my account.

I'm not looking for compensation, more venting my frustration I think, at the fact this was issued c12th March and Fidelity seem to have let it go under the radar when it feels like a sizable breach of trust

flaneurs_lobster

Any data breach is supposed to be reported (by the breacher) to the Information Commissioner's Office. Does sound like Fidelity do not think that a breach has occurred. The ICO might disagree but you would have to make them aware.

https://ico.org.uk/make-a-complaint/data-protection-framework/

dunstonh

It is a breach but a minor one. A complaint to Fidelity may get you circa £100-250 goodwill payment and an apology.

Fidelity only have to report it to the ICO if it poses a risk to your rights or freedoms. From what you say, it doesn't. You can choose to report it to the ICO but given it is a minor breach, the ICO will likely instruct Fidelity to take more care in future to avoid a repeat (i.e. a simple reprimand)

LHW99

If the employer pays into this, should they receive some data on their payments from Fidelity? - except the wrong info was sent!

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/81954569#Comment_81954569

Exactly this, summary of their payments to Fidelity - not details of the individual's holdings.

Van_Girl

https://forums.moneysavingexpert.com/discussion/comment/81954569#Comment_81954569

They did also send a direct debit schedule for the employer, which is dated approx. 10 days later than the quarterly statement. Not sure if they usually receive a quarterly or annual statement of their own payments in… might check with MD when he's back from hols

Van_Girl

Just to update the thread, Fidelity have responded to my complaint, and have also issued a formal apology and explanation. It seems a security measure did not transfer to a new system, which then allowed statements to be issued to other parties who's details were held on the account (e.g. trustees, employers, joint or former joint account holders).

They have made a goodwill payment of £100. The money is neither here nor there really, I mean thanks I guess? They did say I could escalate with the Ombudsman, but it's really not at that level. I appreciate that it was an error, they happen. I can't quite shake my unease at my holdings being known by my employer and whoever else saw the letter, but you cant put the toothpaste back in the tube so I'll just have to get over it.

I'm considering whether to stay with Fidelity anyway, I'm reaching a threshold where it might be cheaper elsewhere but this might give me a push to do it sooner

Granpere

Hello, I am new to MSE Forum. The reason I signed up is that I wanted to express a view on Fidelity's incompetence. This particular thread seems to be based on a similar concern.

I am not going into great detail but my concern relates to direct debits I established with Fidelity as a means of contributing to grandchildren's JISAs. Fidelity cancelled two of those DDs without giving notice to anyone. The matter is being taken up with Fidelity by the children's father as the account holder.

It has taken Fidelity more than two months to acknowledge that it is at fault. They are currently working out what compensation to pay. It is has been a very frustrating and i.m.o., unnecessary experience. In the meantime I have researched at least six Financial Ombudsman's reports on complaints raised by Fidelity clients. Each case resulted from fundamental errors made by Fidelity admin. staff. Fidelity needs to undertake a root and branch review of its admin. organisation to stop these errors occurring.

From an investment point of view, I have been vey happy with the performance of the funds I have selected both for myself and the grandchildren..

dunstonh

Hello, I am new to MSE Forum. The reason I signed up is that I wanted to express a view on Fidelity's incompetence. This particular thread seems to be based on a similar concern.

It would have been better to do it on your own thread and not piggyback on someone else's thread on an unrelated subject. It's not fair on the op and the op had the Fidelity workplace pension which is not the Fidelity investment platform where the junior JISAs are maintained.

It has taken Fidelity more than two months to acknowledge that it is at fault. They are currently working out what compensation to pay. It is has been a very frustrating and i.m.o., unnecessary experience. In the meantime I have researched at least six Financial Ombudsman's reports on complaints raised by Fidelity clients. Each case resulted from fundamental errors made by Fidelity admin. staff. Fidelity needs to undertake a root and branch review of its admin. organisation to stop these errors occurring.

If there are only six, then it suggests there are not any widespread issues with Fidelity Investment Platform and you are perhaps exaggerating the issues. That doesn't aim to downplay anything that may have occurred in the scenario you're referring to. Just that your claim of widespread issues that need a root-and-branch review are exaggerated.

From an investment point of view, I have been vey happy with the performance of the funds I have selected both for myself and the grandchildren..

The investments have no relevance to a whole-of-market investment platform.