Outcomes - Selected Case Summaries
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Fund administrator system sends a report containing financial details to an unintended recipient
Decisions | 04 September 2023
A fund administrator sent an order acknowledgment containing two investors’ data via a transfer agency to an unintended fund manager. The error was identified by the transfer agency and escalated to the technology team for investigation. The administrator contacted the recipients and requested the information to be deleted, which was confirmed to have been done the same day. The technology team determined that a fault in their system caused the acknowledgment to be sent to the incorrect fund manager and confirmed that no other reports were affected. The impacted parties were notified and advised to be on alert for any unknown or suspicious contacts.
Measures implemented to mitigate the error from recurring included: adjustments and updates to the report run time scheduler, a fix for the system bug and necessary testing. The technology team implemented a manual control to check the report and intended recipients. We reviewed and assessed the breach and were satisfied with the steps taken to address the breach.