Treasury consults on draft legislation for CDR action
Treasury consults on draft legislation for CDR action
3 October 2022
Treasury has released for consultation its exposure draft legislation for the Consumer Data Right (CDR) scheme to enable initiation action, which would create a new channel for consumers to instruct a business to initiate actions on their behalf and with their consent.
Assistant Treasurer and Financial Services Minster Stephen Jones says the move will allow consumers and small businesses to take their data‑sharing rights one step further, by easily and securely initiating actions like opening and closing accounts, making payments and applying for services through the CDR.
“This will reduce complexity, time and cost for consumers looking to safely get better deals and services that meet their needs, unlock new business models, drive innovation and boost competition,” Mr Jones said.
“The CDR is already changing the way Australians benefit from their banking data by giving them the ability to safely share it with trusted third parties to access services tailored to their unique circumstances, such as comparing products and services, accessing better value and improved services, and assisting financial and cashflow management.
“Introducing action initiation in the CDR is part of the Government’s commitment to expand the CDR across the economy and grow the opportunities for consumers to make use of their own data for their benefit.”
The CDR is designed to give individuals greater access to and control over their personal details. It launched in July 2020, first in the banking sector and is set to expand into energy next month. The commencement date for insurance has not yet been announced.
Closing date for submissions is October 24.
Click here for submission details.
