What role does a Privacy Notice serve for consumers?

A Privacy Notice primarily serves the purpose of informing consumers about how their personal information is collected, used, and shared by financial institutions. This transparency is crucial for consumers as it helps them understand what types of personal data are being gathered, the reasons for its use, and with whom it may be shared. By detailing the practices regarding personal information, a Privacy Notice empowers consumers to make informed decisions about their interactions with financial entities, thereby fostering trust and ensuring greater protection of their privacy.

In contrast, the other options focus on different aspects of banking services. While fees associated with banking services are important for understanding costs, they are not covered by a Privacy Notice. Similarly, details on investment risks and loan repayment plans pertain to financial products but do not relate to the privacy of consumer information. Thus, the correct understanding of a Privacy Notice lies in its specific role concerning personal data, which is clearly captured in the correct answer.