MiFID - Why can't we have one, online submission form for all Financial Institutions

G

GreatDane

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Hi

Daft as this may seem, why can't all financiail institutions such as banks, investment houses, stock brokers etc all have one online submission site where we can fill in our details & send it to any insititions we wish .. rather than each send us out lots of paperwork to complete & return ?

To ensure data is protected between competiting institutions, I'm sure an indepedent 3rd party could be set up to provide this service ... I'm sure many of us would even pay a small fee, to save us the time & hastle of having to submit these details time & time again.

If only Carlsberg did "MiFID" ;)

MiFID stands for Markets in Financial Instruments Directive.
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Re: MiFID - Why can't we have one, online submission form for all Financial Instituti

Presumably its not done for the same reason that there's no central applications for different current accounts, credit cards, mortgages and any other financial products.

As for an independent 3rd party organisation, I'm sure that that's the last thing that this country needs.

Just remember that every time you give the your details to the financial institution that you're dealing with, they'll be passing your details on to the Financial Regulator.
 
Re: MiFID - Why can't we have one, online submission form for all Financial Instituti

Garrett

That's a great idea.

A variation of it. If I have gone through the process with AIB, they could forward it to any other institution of my choosing. So you only have to do it once.

Would it be vulnerable to identity theft? Could you go in to Bank of Ireland and pretend to be me? You would then just give them my AIB contact details and off you go.

I suspect that each bank will really need to see photographic evidence for each new customer.

Brendan
 
It seems to me that the privacy concern could be addressed by allowing people keep control of their own records.

To do this, instead of having a single repository of data, you would need a uniformly applied standard for submitting financial data.

I have a picture in my head of a uniform 'fact find' type sheet. The form would not have to be identical in its printed form for every application - it would just have to be uniform in the way questions are phrased and in the way that the answer data fields are named. For example, you couldn't have one insurance proposal asking if you had any claim in the past 4 years, and a different one asking if you had any claim inthe past 3 years. (well, you could, but it would add needless complexity)

If the 'fact find' sheet was uniform in its questions and in naming its data fields, this could then be used as the data source for filling in forms from financial institutions. For any other form, you could simply download the form and have a 'one click' filling in of it, in much the same was as you can have an 'autofill' for name and address details . A third party such as Google, (or perhaps the Financial Regulator...just joking) would have to provide a template where you could initially enter all of your information - and this template would have to have all the questions, and corresponding data fields, that could reasonably be requested by any financial instution.

I would be kinda surprised if this sort of thing was not already available. If it isn't, there is clearly a market opportunity.
 
Re: MiFID - Why can't we have one, online submission form for all Financial Instituti

Brendan said:
Garrett

That's a great idea.

A variation of it. If I have gone through the process with AIB, they could forward it to any other institution of my choosing. So you only have to do it once.

Would it be vulnerable to identity theft? Could you go in to Bank of Ireland and pretend to be me? You would then just give them my AIB contact details and off you go.

I suspect that each bank will really need to see photographic evidence for each new customer.

Brendan
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Hi Brendan

Thanks, suffice to say sufficient security precautions would need to be put in place, to prevent ID theft etc.

As MOB suggests, a uniform "fact find" type submission would be the way to go me thinks.

As for the suggestion that each institution needs to see picture ID, the uniform submission would at least cover much of the form filling etc and a picture ID alongside any new submissions would be a relatively simple thing to provide along side this for new institions each of us might deal with, I'd think.

Regards

G>
 
Reckon that the banks would do everything in their power to kill this idea. It would scupper their tactics to mine you for all sorts of unecessary information so they can try to flog you other financial products in the future.
 
You boys should know better..............

Money by its very definition is a commodity which is distinguishable only be its cost. The last thing any financial institution wants to do is commoditize their product which would further reduce the value of their brands. While this is technically feasible and perhaps easy to do the financial institutions will be last players to support such an idea.
 
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