Govt makes CDR changes
The Federal Government has made amendments to the consumer data right (CDR) rules to support increased participation in the new regime.
The changes followed consult during July which:
- Provided new pathways for industry participation by allowing CDR participants that were accredited by the Australian Competition and Consumer Commission (ACCC) to sponsor other parties to become accredited or allow them to operate as their representative;
- Empowered consumers to share their data easily and securely with certain trusted professional advisers, including their accountant, tax agent, financial counsellor, financial adviser or mortgage broker;
- Enabled consumers to disclose limited data insights outside the CDR for a specific purpose if they choose, such as to verify their identity or bank account balance; and
- Simplified the data sharing process for consumers who use joint accounts by enabling each joint account holder to consent to share data on the account, while maintaining appropriate control and transparency for all account holders. The new joint account data sharing process would commence on 1 July, 2022, to allow an appropriate implementation period for data holders.
The Minister for Superannuation, Financial Services and the Digital Economy, Senator Jane Hume, said CDR was a “game changer” for digital innovation across the Australian economy.
“The rules made today are an important step in supporting the development of a vibrant data economy that provides benefits to business and consumers,” Hume said.
“The Government is committed to supporting businesses and consumers to participate in the Consumer Data Right and will continue to ensure that the rules support that objective”.
Hume said consumers would continue to be in control of their data while benefiting from more options over the disclosure of their data
“The CDR will retain important consumer privacy and security protections to control what data is shared, for how long, with whom and for what purposes,” Hume said.
“The CDR is a key initiative in the Government’s $1.2 billion digital economy strategy and gives consumers the right to safely transfer their data to third parties of their choice so that they can gain more value from their data.
“It encourages businesses to compete and innovate and makes it easier for households and small businesses to make good product choices.”
AUTHOR
Chris Dastoor
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