Friday, November 25, 2022
HomeWealth ManagementMFDA points six-figure nice for WealthSimple affiliate

MFDA points six-figure nice for WealthSimple affiliate


The onboarding course of included inputting confidential shopper data, corresponding to shoppers’ names, social insurance coverage numbers, e mail addresses, and account numbers onto the WSTI portal.

Wealthsimple Advisor Companies maintains that the portal is safe. Nonetheless, it failed to make sure that shoppers had consented to offer their data to WSTI previous to the onboarding course of.

“Between February and August 2019, as a part of the Onboarding Course of, 20 Permitted Individuals, together with 19 Permitted Individuals registered with different MFDA Members, supplied WSTI with Consumer Data pertaining to a complete of roughly 2,990 shoppers,” the MFDA mentioned.

The MFDA additionally mentioned that between April 1 and Might 27, 2019, Wealthsimple Advisor Companies didn’t implement controls and supervision over its onboarding course of by “failing to forestall employees of an affiliated firm from viewing and accessing the system of one other MFDA Member.”

An authorized one that needed to hitch Wealthsimple Advisor Companies was having technical difficulties with the onboarding course of, and requested one other authorized particular person registered with a distinct MFDA member for assist.

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