Personal Finance Management Use Case Council has finalized the Consent Template CT008, after much deliberation on different personas of the customers and various product features to cater to the personal needs of the customers.
Consent Template Information - CT008
| Consent Template Information | Description | Further Explanation |
|---|---|---|
| Consent Template ID | CT008 | For Sahamati's internal records and explanation to the community |
| Status | Active | For Sahamati's internal records and explanation to the community |
| Use Case Category | Personal Finance | For Sahamati's internal records and explanation to the community |
| Use case | Enabling insights into receipts and payments through transaction categorization, identification of merchant categories and the like | To be used by FIUs that have a distribution charter with an advisory element. However, the FIUs do not have a fiduciary relationship with the customers which means they act as either a manufacturer of financial services or as a distributor (regulated and registered by one of the four FSRs) for one or multiple manufacturers |
Consent Template Information / Attributes - CT008
| Consent Details (Attributes) | Values | Rationale |
|---|---|---|
| Purpose Text | As agreed by FIUs to show to the customer: To generate insights based on your overall finances and provide incidental recommendations, if any | To ensure that the purpose explains the underlying use case explicitly and is easy to understand for the customer The primary purpose of this use case is to provide a front end analytics dashboard to the customer (spend, investment, budgeting, consolidated view etc) with an ability to provide nudges/recommendations based on the analytics and in line with the charter of the primary license of the PFM provider |
| As per ReBIT: Explicit consent for monitoring of the accounts | ||
| Purpose Code | 102 | In line with existing code of conduct PC001 - https://sahamati.org.in/aa-community-guidelines-v1-2/purpose-codes/ |
| Purpose Code Category Name | Personal Finance | In line with existing code of conduct PC001 - https://sahamati.org.in/aa-community-guidelines-v1-2/purpose-codes/ |
| FI Types | DEPOSIT, TERM_DEPOSIT, RECURRING_DEPOSIT, SIP, CP, GOVT_SECURITIES, EQUITIES, BONDS, DEBENTURES, MUTUAL_FUNDS, ETF, IDR, CIS, AIF, INVIT, REIT, GSTR1_3B | Requires a 360 degree view of a customer finances to able to generate an integrated dashboard to the customer |
| Consent Types | Profile, Summary, Transactions | Requires a 360 degree view of a customer finances to be able to generate an integrated dashboard to the customer |
| Fetch-type | Periodic | Requires a regular view of the customers finances to able to advise on a continuous basis |
| Maximum Frequency | 45 times per month | The maximum frequency is capped at 45 successful data fetches per month, incorporating: - 31 successful data fetches to allow PFM providers to enable auto fetch/daily dashboard refresh for regularly active customers based on the data shared by FIUs on the frequency at which their customers are accessing the PFM services - Monthly frequency cap as opposed to daily agreed to incorporate variance in intra-day usage levels - Buffer for poor data quality and inconsistency in data, requiring additional fetches - Currently SEBI FIPs share only two years data in one data fetch request. Wealth advisors need 20 years of mutual funds statement data of the customer to be able to calculate returns and investment purchase dates of customers. Hence, a buffer of 5 fetches has been provided to enable the FIUs fetch 10 years of data from SEBI FI types in data packets of two years each. |
| Maximum FI Data Range | 10 years for SEBI FI Types 13 Months for others | -Deemed as sufficient to build a spend analytics and/or investment analytics dashboard for the customer and provide yearly trends -Based on the frequency of the data pull, the FI Data Range is recommended to be incremental. -FIUs have agreed to not fetch insurance data on daily basis -While the Maximum FI Data Range is higher, the FIUs agree that they will do only incremental pulls over and above their last date of fetching data |
| Maximum Consent Validity | 1 year | Council members agreed to have a one-year consent validity for the PFM use case as a fair period, post which the FIU will need to take a fresh consent from the customer. this is to ensure that data of inactive customers who haven't revoked the consent is not available to be pulled by the FIU beyond 1 year unless the customer gives a fresh consent |
| Maximum Data Life | 1 Month | Considering as sufficient time for the FIU required to build an analytics dashboard |
| Last published on: | 26th July 2024 |
Please read this template in conjunction with the Code of Conduct DR005. Code of Conduct on Incremental data pull will be published soon.
