Hi everybody, I'm just looking at getting into the market and I was hoping someone can answer a probably stupid question.

My understanding of the FIN is that it's like say my pin number on my eftpos card. I use it to prove I'm me and no-one else should know it. When filling out the documentation for Direct Broking though it states they retain a copy of my FIN and I'm supposed to acknowledge that I'm giving them unlimited ability to transfer my holdings to other persons.

On the ASB securities website it states a broker may not retain my FIN beyond settlement of the transaction which sounds much more sensible to me.

If Joe Bloggs has a meltdown at Directbroking because his boss won't give him a raise or something what's to stop him using the FINs on file to wreak havoc? and how protected am I from fraudulent transactions.

I assume I'm being overly paranoid as I know Direct Broking is popular but I like my money and don't enjoy throwing it away so if anyone could clarify the risks or just explain why it's no big deal or something I would be very grateful.