Clients have the ability to aggregate personal financial information on third-party platforms to assess their financial position. This data aggregation creates valuable opportunities for clients but also has the potential to put their data at risk if it is mishandled or misappropriated. An individual’s personal information is invaluable, and its protection is of paramount importance.
The financial industry is committed to ensuring the safety of the clients we serve at every turn. SIFMA is coordinating a broad-based industry effort to protect a customer’s financial information, with a focus on investors’ right to access their own data. We are creating a set of industry-wide principles for protecting, sharing and aggregating customer financial information. We will look at standard contracts and other ways that we may promote transparency, efficiency and trust in the marketplace.