Contact: Laine Williams, (202) 897-4757, lwilliams@allonadvocacy.com
Washington, DC, July 31, 2026 – The Financial Data and Technology Association (“FDATA”), a trade association representing more than 30 financial technology companies and consumer-permissioned data access platforms, today submitted comments to the Missouri Securities Division regarding its proposed amendment to 15 CSR 30-51.172 governing investment adviser access to client accounts. FDATA expressed support for the Division’s investor protection objectives while encouraging a targeted clarification to ensure the proposal does not unintentionally restrict the use of secure, consumer-permissioned technology platforms on which investors and their financial advisers rely to manage retirement and investment accounts.
FDATA noted that modern third-party technology platforms are fundamentally different from credential sharing. These platforms allow consumers to expressly authorize access to their financial accounts while preventing advisers from ever viewing, storing, or controlling client usernames or passwords. Rather than increasing security, an overly broad prohibition could eliminate widely used technologies that have been specifically designed to address credential security concerns.
“FDATA shares the Division’s commitment to protecting investors and strengthening the security of financial accounts,” said Steve Boms, Executive Director of FDATA. “We believe those objectives can be achieved without limiting Missourians’ ability to use secure, consumer-permissioned technologies that help them receive independent financial advice and better manage their retirement savings.”
FDATA’s comments explained that many retirement accounts, including employer-sponsored 401(k) plans, are held by custodians selected by employers rather than individual investors. Secure third-party platforms enable advisers to review these held-away assets and provide comprehensive financial advice. Without a clarification, the proposed rule could inadvertently reduce investor choice, limit access to independent advice, and favor proprietary services offered by incumbent financial institutions.
FDATA also emphasized that federal law recognizes consumers’ right to access and share their financial data and that national policy continues to move toward secure, standardized, permissioned data sharing through application programming interfaces. Until such interfaces are universally available, secure third-party platforms remain an essential means for consumers to authorize access to their financial information.
Accordingly, FDATA recommended that Missouri clarify the proposed rule to confirm that it does not prohibit investment advisers from utilizing secure third-party technology platforms where clients have provided express, informed, and revocable authorization and where advisers never receive or control client credentials. Such a clarification would preserve the Division’s investor protection goals while avoiding unintended consequences for Missouri investors and financial advisers.
The full letter can be accessed here.
About FDATA
FDATA represents more than 30 financial technology companies and consumer-permissioned data access platforms across the United States and Canada. FDATA advocates for policies that empower consumers and small businesses to securely access and share their financial data in order to improve financial outcomes and drive innovation.
