Consumer data rights and ‘open finance’ sector proposals

The Federal Government Consumer Data Right (CDR) initiative, which gives consumers greater control over, and access to, their consumer data in designated sectors of the Australian economy, is to be extended into the ‘open finance’ sector which includes general insurance. The consultation will occur in 2022 with the aim of prioritising a smaller mix of targeted datasets across this sector.

Attached is some Background Information for members about the CDR initiative.

The Government is expected to commence consultation with industry stakeholders shortly to ensure open finance delivers the best outcomes for consumers and encourages innovation before finalising any designation instrument for the sector.

At this stage it is not known which insurance providers or insurance products (although as noted above home and motor insurance have been mentioned as potential priority areas) will be designated for the CDR proposals, it is expected this will form part of the consultation process.