The Morrison Government has today made amendments to the Consumer Data Right Rules (version 3 of the rules) that will support increased participation in the Consumer Data Right (CDR) by businesses and empower consumers to get the value of their data through a broad range of service offerings.
The making of these rules comes at a time of growing momentum in participation in the CDR and follows public consultation on draft rules that had a high level of interest and engagement from a range of stakeholders.
Senator the Hon Jane Hume, Minister for Superannuation, Financial Services and the Digital Economy said Consumer Data Right is 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. 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”.
The Competition and Consumer (Consumer Data Right) Amendment (2021 Measures No. 1) Rules 2021 (the rules) will accelerate the benefits of the CDR by:
Providing new pathways for industry participation by allowing CDR participants that are accredited by the ACCC to sponsor other parties to become accredited or allow them to operate as their representative.
Empowering 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.
Enabling 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.
Simplifying 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 will commence on 1 July 2022 to allow an appropriate implementation period for data holders.
Consumers will 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.
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.