In July 2021 Treasury released exposure draft amendments to the Consumer Data Right rules and explanatory materials for consultation (version 3 of the rules).

The Treasury’s exposure draft amendments changed the CDR Rules to “reduce barriers for participation in open banking” and “increase participation in the CDR by data recipients and consumers” by:

  • Introducing a sponsored tier of accreditation and a CDR representative model
  • Allowing consumers to share their data with trusted professional advisers
  • Allowing participants to share CDR insights with consumer consent for specific purposes
  • Creating a single consent data sharing model for joint accounts.

ACCAN made a joint submission with the Financial Rights Legal Centre (Financial Rights), Consumer Action Law Centre (Consumer Action), the Public Interest Advocacy Centre (PIAC) and the Australian Privacy Foundation (APF) in response to the Treasury’s proposed ‘Opt-out’ joint account data sharing model.

In this submission ACCAN opposed the proposed rules amendments with respect to “trusted advisers”, CDR insights and joint accounts which we believe would undermine many of the in-built consumer protections initially envisaged for the scheme, including privacy protection.

DownloadpdfConsumer Data Right rules amendments (version 3)509.75 KB