Wells Fargo Clearing services have been fined $ 150,000 by the Financial Industry Regulatory Authority (Finra), and it has been revealed this week.
The organizer said that the company failed to maintain sufficient guarantees for customer information over eight years.
Between January 2014 and March 2022, Finra claims to have found that Wells Fargo had no supervisory system or written procedures designed reasonably to protect customer data.
They explained that when some of the registered actors left the company, Wales Vargo failed to notify insurance companies, allowing the former actors to reach customer records through the gates of transport companies.
In total, 241 representatives previously kept reaching 1,624 changing installments accounts.
The records included the names and numbers of accounts and addresses and in some cases, sensitive data such as social security numbers and birth dates.
Fendra said the company has violated a base stating that companies are adopting policies to protect non -public customer information. He also pointed to the violations of other rules, all of which are related to supervisory obligations.
Wells Fargo Clearing Services accepted the results of the Finra without recognizing or rejecting allegations.
Finra added that the company has since amended its procedures to ensure the reporting of all representatives of the departure, regardless of the classification, to insurance companies.
As part of the settlement, the Wells Fargo received the blame and agreed to pay the fine. The company also waived its rights to appeal the results or resume the disciplinary procedure.