Government Announces Changes to Consumer Data Right (CDR) Rules
The federal government has announced a set of reforms to the Consumer Data Right (CDR) rules, aimed at improving cost-effectiveness and encouraging adoption of the framework
The federal government has announced a set of reforms to the Consumer Data Right (CDR) rules, aimed at improving cost-effectiveness and encouraging adoption of the framework.
In a media statement, Assistant Treasurer and the Minister for Financial Services, the Hon Stephen Jones MP said, “The Government is removing friction within the CDR to improve cost effectiveness by amending the CDR rules to make consent and operational enhancements.”
The reforms are broadly focused on the three areas outlined below, which are expected to simplify the framework and empower consumers, so they get more control over the value of their data.
Simplifying the consent process to increase adoption: Consents can now be bundled so consumers are able to provide multiple consents by undertaking just one action.
Removing barriers: The reforms are expected to simplify how banks can seek data from consumers.
Supporting innovation: An extended trial of energy products will run for up to 24 months (increased from 12 months) and will include a pool of 2,000 customers (doubled in number).
“The Government is working with stakeholders to ensure we introduce changes that represent value‑for‑money,” said Minister Jones in a media statement.
The new rules took effect from 12 November 2024.