There is an inexorable trend towards holding data about people’s savings and investments online. Indeed, many of the best buy savings accounts are internet based. While providing undoubted benefits to consumers in terms of managing their accounts, holding this type of information on the web does come at a price. This is because we have to record and recall an ever-growing number of user names, dealing names, passwords, pin numbers, personal codes and memorable words. A typical investment account may require up to five of the above. And this is just one account. When internet banking and other savings or investment accounts are added, the names and number that need to be held begin to resemble a spy’s cipher book.

And we can’t always opt out of this brave new world and contact the provider in the good old way - over the telephone. Not only will this bring its own password scrutiny, but telephone enquiries may no longer be accepted. The poor punter is then reduced to writing in (with appropriate client details) to give his or her instructions.

Just like a spy’s notebook, all this account information is very valuable and could be very damaging if it fell into the wrong hands. So, the poor investor not only has the problem of inputting an ever-growing amount of his or her own client information, they also have the worry of keeping this information accessible but safe.

This situation has arisen because each provider has gone through the same process of screening client access. While it makes sense to do this on an individual account basis, collectively it is just storing up problems later on.

Surely, there must be a better way of handling this situation, but until one is found, it’s either the memory training course or the larger notebook.