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Yodlee in aggregate warning to IFAs as it closes in on UK

The US firm warns IFAs that failure to come to terms with the new technology could mean them losing selling opportunities to high-street banks.

Aggregation, which is widespread in the US, gathers information from all a client&#39s different accounts and presents it on one website with one password.

UK banks had refused to pass on data to Citibank amid concerned over possible brea-ches of data protection legislation and a lack of industry guidelines.

Guidelines were drawn up earlier this year and Yodlee, which powers Citibank&#39s aggregation service, says its new system satisfies all the high-street banks&#39 requirements.

Yodlee has been in talks with providers to offer IFAs a white-labelled service to compete with banks which could use aggregation to steer clients to their own life and investment products online.

UK sales director Simon Lees says: “We have spoken to a number of product providers about offering IFAs a service to white-label.

“The system should benefit IFAs in that they will not have to look under every rock and stone to get a clear picture of the entirety of a client&#39s financial circumstances.”

Financial Technology Res-earch Centre director Ian McKenna says: “If customers can see their current account details next to details of their life and investment products, the banks will get the opportunity to cross-sell. It is up to IFAs to make sure clients access their aggregated data through their tools rather than the banks.”

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