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Consumers satisfied with privacy disclosures, SIA finds

WASHINGTON-A recently-released survey by the Securities Industry Association (SIA) determined that most Americans actually took the time to read the privacy policies from their financial institutions, understood the language, and were satisfied with the policy. Nearly three-quarters (73%) approved of the "opt-out" policy required of financial institutions under the Gramm-Leach-Bliley...

By Staff Writer | Updated on August 21, 2001

WASHINGTON-A recently-released survey by the Securities Industry Association (SIA) determined that most Americans actually took the time to read the privacy policies from their financial institutions, understood the language, and were satisfied with the policy. Nearly three-quarters (73%) approved of the “opt-out” policy required of financial institutions under the Gramm-Leach-Bliley Act (GLBA). GLBA required that consumers have the right to “opt out” of having their personal information shared with third parties not affiliated with their financial institutions. The survey conducted by a Harris Poll of 1,001 Americans over 18 also found that 67% of those who remember receiving a privacy policy actually do read it. Of those who read it, 84% said they were able to comprehend the language in the policy and 74% were satisfied with the privacy policies.

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