A federal watchdog agency is investigating the use of 401(k) data to market extra financial products to savers, an emerging industry practice to keep consumer costs down that has critics calling foul over privacy concerns.
The US Government Accountability Office confirmed this week to Bloomberg Law that it is in the process of asking industry associations, plan service providers, privacy advocacy groups, and relevant federal agencies about plan data sharing practices with an eye to obtaining information on cross-selling and third-party sales. A growing number of plans allow their recordkeepers to promote financial education and wellness products to participants in ...