They do something similar with their webmail service, but the data is encrypted so it can't be read by a third party.
https://www.fastmail.com/about/reportabuse.html (last paragraph)
EDIT: Fastmail is fairly priced (for me) and i like the features they offer but i wish they wouldn't do this (or rather, i wish they would do the same for the SMTP service as they do for the webmail service)