Investor Advocacy Clinic Comments on FINRA Special Notice on FinTech

On October 10, 2018, student interns Ben Dell’Orto, Matthew Haan, Kevin Mathis and Lynn Mckeel filed a comment letter with FINRA on behalf of the Investor Advocacy Clinic concerning a FINRA Special Notice seeking comment on the consumer impact of technological advances in the financial services industry.

The clinic’s comment, available in full here, recommends that the promise of data aggregation and artificial intelligence be balanced with guidance, supervision, and accountability.  While technology can greatly benefit investors, it also presents the possibility of significant harm if the information or technology is used in inappropriate or unforseen ways.