How We Protect Information About You
Fidelity considers the protection of personal information to be a foundation of customer trust and a sound business practice. We employ physical, electronic and procedural controls, and we regularly adapt these controls to respond to changing requirements and advances in technology.
At Fidelity, we restrict access to personal information to those who require it to develop, support, offer and deliver products and services to you.
How We Share Information About You Within Fidelity
We may share personal information about you with various Fidelity corporate affiliates including internal service providers which perform, for example, printing, mailing, and data processing services.
Additionally, if you interact with Fidelity directly as an individual investor or if Fidelity provides services to your employer or plan sponsor, we may exchange certain information about you with Fidelity financial services affiliates, such as our brokerage and insurance companies, for their use in marketing products and services as allowed by law.
Information collected from investment professionals’ customers is not shared with Fidelity affiliates for marketing purposes, except with your consent and as allowed by law.
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Information provided in this document is for informational and educational purposes only. To the extent any investment information in this material is deemed to be a recommendation, it is not meant to be impartial investment advice or advice in a fiduciary capacity and is not intended to be used as a primary basis for you or your client’s investment decisions. Fidelity and its representatives may have a conflict of interest in the products or services mentioned in this material because they have a financial interest in them, and receive compensation, directly or indirectly, in connection with the management, distribution, and/or servicing of these products or services, including Fidelity funds, certain third-party funds and products, and certain investment services.
Registered investment products and collective investment trusts managed by Fidelity Management Trust Company are offered by Fidelity Distributors Company LLC , a registered broker-dealer. Fidelity Institutional Asset Management investment management services and products are managed by the Fidelity Investments companies of FIAM LLC, a U.S. registered investment adviser, or Fidelity Institutional Asset Management Trust Company, a New Hampshire trust company. FIAM products and services may be presented by FDC LLC, a non-exclusive financial intermediary affiliated with FIAM and compensated for such services.
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Cookies And Similar Technologies
You can refuse or delete cookies. Most browsers and mobile devices offer their own settings to manage cookies. If you refuse a cookie, or if you delete cookies from your device, you may experience some inconvenience in your use of our digital offerings. For example, you may not be able to sign in and access your account, or we may not be able to recognize you, your device or your online preferences.
- Fidelity Brokerage Services LLC
- Fidelity Investments Institutional Operations Company LLC
- Fidelity Management Trust Company
- Fidelity Personal Trust Company, FSB
- Fidelity Personal and Workplace Advisors LLC
- Fidelity Stock Plan Services, LLC
- Fidelity Institutional Wealth Adviser LLC
- Fidelity Investments Life Insurance Company
- Empire Fidelity Investments Life Insurance Company
- Fidelity Health Insurance Services, LLC
- Fidelity Insurance Agency, Inc.
- National Financial Services LLC
- Strategic Advisers LLC
- Other companies owned by Fidelity Investments using the Fidelity name to provide financial or payroll services to customers
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Paul Mccartney Marketing Campaign
Fidelity has experimented with marketing techniques directed to the baby boomer demographic, releasing Never Stop Doing What You Love, a compilation of songs by Paul McCartney. McCartney became the firm’s spokesman in 2005 in a campaign entitled “This Is Paul”. On the day of the disc’s release, company employees were treated to a special recorded message by Paul himself informing them that “Fidelity and have a lot in common” and urging them to “never stop doing what you love”.
Investigation About Insiders’ Private Investments
A private venture capital firm, F-Prime Capital Partners, managed on behalf of owners and other key leaders of Fidelity Investments, has been described as directly competing with Fidelity Investments public funds. A 2016 Reuters investigation identified multiple cases where F-Prime Capital Partners was able to make investments at a fraction of the price of Fidelity Investments. Because of SEC regulations, investments by F-Prime Capital Partners preclude Fidelity from making the same early investments. The investigation describes that this competition forces Fidelity to delay investing until later and at much higher prices than F-Prime Capital Partners, resulting in lower returns for Fidelity fund shareholders.
Corporate governance experts have stated that the practice is not illegal, but that it poses a clear corporate conflict of interest. Fidelity spokesmen have stated that they are following all laws and regulations.
The same Reuters investigation documents six cases where Fidelity Investments became one of the largest investors of F-Prime Capital companies after the start-up companies became publicly traded. Legal and academic experts said that major investments by Fidelity mutual funds – with their market-moving buying power – could be seen as propping up the values of the F-Prime Capital investments, to the benefit of Fidelity insiders.
Fidelity declined to comment on this aspect of the investigation.
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Moitoso Et Al V Fmr Llc Et Al
Filed: October 10, 2018§ 1:18-cv-12122-WGY
A class action alleges Fidelity and several related entities failed to manage a plan with $15 billion in assets with the care, skill, or diligence one would expect given the size of the plan.
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A proposed class action lawsuit has been filed on behalf of participants in the Fidelity Retirement Savings Plan over allegations that the plans fiduciaries have failed to manage its assets in a prudent and loyal manner. The 59-page lawsuit names as defendants:
– FMR LLC
– The FMR LLC Retirement Committee
– Fidelity Management & Research Company
– FMR Co., Inc. and
– Fidelity Investments Institutional Operations Company, Inc.
According to the lawsuit, Fidelitys retirement savings plan had nearly $15 billion in assets as of the end of 2016. The suit alleges, however, that the defendants have failed to manage the plan with the care, skill, or diligence one would expect given the size of the plan. In truth, the defendants allegedly used the plan to promote Fidelitys mutual fund business at the expense of participants. From the suit:
The complaint can be read below.
How We Share Information About You With Third Parties
Fidelity does not share or sell personal information about our customers with unaffiliated third parties for use in marketing their products and services. We may share personal information with the following entities:
- Unaffiliated service providers
- Government agencies, other regulatory bodies and law enforcement officials
- Other third-parties, with your consent or as directed by your representative
- Other organizations as permitted or required by law
Our service providers are obligated to keep the personal information we share with them confidential and use it only to provide services specified by Fidelity.
Based on the nature of your relationship with Fidelity, we may exchange information with other third parties as described below:
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Judge Dismisses Lawsuit Against Fidelity Alleging Fiduciary Violations In Delta 401 Plan
A U.S. District Court judge in Boston has dismissed a lawsuit against two units of Fidelity Investments, which were accused by participants in a Fidelity client’s retirement plan of violating fiduciary duties.
The plaintiffs are participants in the Delta Family Care Savings Plan, Atlanta, which hired Fidelity Management Trust Co. and Fidelity Investments Institutional Operations Company Inc. to provide certain trust and investment services.
Delta Air Lines Inc. was not a defendant. The plan had $8.12 billion in assets as of Dec. 31, 2015, according to its latest Form 5500.
U.S. District Court Judge Allison Burroughs dismissed the complaint Sept. 22, saying the plaintiffs had failed to state a claim in the case, Fleming et al. vs. Fidelity Management Trust Co. et al.
The 401 plan assets are invested through a master trust in which Delta is the sponsor and named fiduciary, while Fidelity Management Trust is the trustee.
The participants alleged that the defendants engaged in a “pay-to-play” relationship with Financial Engines Advisors, which provided advice services to plan members, according to the judge’s analysis of the complaint,
Plaintiffs claimed the fee-sharing arrangement between Fidelity and Financial Engines which wasn’t named as a defendant “is unrelated to any substantial services performed by defendants and artificially inflates the cost of investment advice by plan participants,” according to the judge’s ruling.
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- Information provided by you or your representative on applications or other forms furnished to the Funds or through other interactions that you or your representative have with the Funds
- Information arising from your investments in or accounts with the Funds
- Information the Funds receive from a consumer reporting agency
The Funds employ physical, electronic, and procedural controls to safeguard your information. For example, the Funds authorize access to your personal and account information only for personnel who need that information in order to provide products or services to you.
The Funds do not disclose any non-public personal information about you, except as permitted by law. For example, the Funds have entered into a number of arrangements with Fidelity Investments to provide for investment management, distribution and servicing of the Funds.
If you decide to close your account, the Funds will continue to adhere to the privacy policies and practices as described in this notice.
Our Commitment To Privacy
Fidelity Investments and the Fidelity Funds are committed to maintaining the confidentiality, integrity, and security of personal information about our current and prospective customers. In this policy personal information means information about an individual that is collected or maintained for business purposes and by which the individual can be identified.
Please note that certain details of this policy may depend on whether you deal with us through an investment professional, directly as an individual investor, or whether Fidelity provides services to your employer or plan sponsor.
The privacy policies of Fidelity Investments and the Fidelity Funds are reviewed annually. Our printed and online notices are then updated to reflect any changes.
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How And Why We Obtain Personal Information
Fidelity takes great care to protect personal information about you and when we use it, we do so with respect for your privacy. We may use personal information about you to service, maintain, and protect your account process transactions in your account respond to inquiries from you or your representative develop, offer, and deliver products and services or to fulfill legal and regulatory requirements. Fidelity may collect public and non-public personal information about you from any of the following sources:
- You or your representative on applications or forms
- You or your employer or plan sponsor if Fidelity provides them with recordkeeping and/or benefits advisory services
- Transactional activity in your account
- Other interactions with Fidelity
- Information from consumer reporting agencies
- Information from other third-party data services
- You or your representative regarding your preferences
- Other sources with your consent or with the consent of your representative