How your entire financial life will be stored in a new ‘digital vault’

By Dan Hyde – Telegraph

Every detail of people’s finances could be collated and stored in a digital “vault” under plans being developed by the Government, financial firms, Google and Microsoft.

A prototype for the new scheme, which is being called a “digital passport”, should be ready by the end of the year, industry sources say.

If an agreement can be reached, the data service could eventually include: people’s address, phone numbers, tax details, where they are registered to vote, driving records and benefit claims, as well as information about their mortgages, pensions and bank accounts.

The plans are understood to have been driven by the Tax Incentivised Savings Association, a not-for-profit membership association operating within the financial services industry, and a subsidiary arm called The Savings and Investment Policy Project.

These trade bodies for the financial services industry are funded by 145 banks, insurance companies and other financial service providers.