Under the Gramm-Leach-Bliley Act, what is one of the main reasons for the Financial Privacy Rule?

The Financial Privacy Rule under the Gramm-Leach-Bliley Act is primarily focused on protecting consumers' personal financial information. One of its main objectives is to ensure that consumers have the right to access their own financial records. This provision is crucial as it empowers consumers to understand what information companies hold about them, fostering transparency and trust in financial institutions.

By allowing consumers to access their financial records, the rule emphasizes the importance of consumer control over personal data, which includes knowing how their information is collected, shared, and used. Such empowerment aligns with the broader goals of the Gramm-Leach-Bliley Act to enhance consumer privacy and ensure financial institutions maintain proper safeguards when handling sensitive information.

The other options focus on aspects that aren't central to the Financial Privacy Rule's purpose. Limiting competition, enabling high-risk investments, or mandating claims management are not objectives of this particular regulation, which is specifically tailored towards maintaining the confidentiality of personal financial information and ensuring consumers' rights to their data.