Borrow
Consumer Data Right legislation subject of new review
Just weeks after pushing back the launch of open banking, the government has announced a new inquiry into the Consumer Data Right it legislated for last year – reportedly to further examine how it can be used to further support innovation and competition.
Consumer Data Right legislation subject of new review
Just weeks after pushing back the launch of open banking, the government has announced a new inquiry into the Consumer Data Right it legislated for last year – reportedly to further examine how it can be used to further support innovation and competition.
The Consumer Data Right Bill was passed through Parliament in August of last year, which marked a “critical step” in reform, according to the Morrison government at the time.
The announcement of the inquiry comes after the deadline for the launch of open banking was pushed back earlier this month.
The Consumer Data Right (CDR) provides consumers with greater access to personal information and gives them the power to instruct businesses to provide safe and secure data access to trusted third parties – allowing for comparison in the market.
It also is expected to allow new competitors to more easily enter the market and challenge existing providers.
Treasurer Josh Frydenberg has said the inquiry and review will be undertaken by Scott Farrell, who previously undertook the formative review that gave rise to the original CDR legislation.
The inquiry is expected to review how the CDR regime can be expanded beyond its current “read” access to include “write” access to enable customers to apply for and manage products and how it can be leveraged with other frameworks to enhance security, efficiency and the consumer experience.
It will also look to “further” overcome behavioural and regulatory barriers for the convenient and efficient changing over between product and providers for consumers, and how this can be enhanced through global developments in the field with respect to similar reforms.
The terms of reference for the inquiry indicated that the review will have regard to the RBA’s New Payments Platform: Conclusions Paper, the ACCC’s home loan price inquiry, the government’s response to the ACCC Digital Platforms inquiry, best practice developments internationally and across other sectors, and competition, fairness, innovation, efficiency, regulatory compliance costs and consumer protection.
The review is expected to report by September 2020.
RELATED ARTICLES
About the author
About the author
Banking
Banks urged to embrace existing payment technologies over AI hype
In the rapidly evolving landscape of financial technology, the focus has increasingly shifted towards artificial intelligence (AI) as the next frontier for innovation. However, Ian Boyd, General ...Read more
Banking
EMEA banks enjoy profit growth amid revenue challenges in 2025
In a year marked by economic turbulence and geopolitical uncertainties, the largest banks across Europe, the Middle East, and Africa (EMEA) have reported a paradoxical trend: shrinking or stagnant ...Read more
Banking
Australian major banks demonstrate resilience amid economic uncertainty
In the face of economic headwinds, Australia's major banks have reported robust half-year results, showcasing their resilience amid rising uncertainty. According to KPMG’s Australian Major Banks Half ...Read more
Banking
RBA's new ruling on card surcharges sparks debate among businesses and banks
In a significant move aimed at enhancing transparency and fairness in the Australian payments landscape, the Reserve Bank of Australia (RBA) has announced the removal of surcharging on debit, prepaid, ...Read more
Banking
Australian SMBs lose two business weeks annually to late payments, report finds
In a startling revelation, the latest report by GoCardless, a global bank payment company, highlights the crippling impact of late payments on small and medium businesses (SMBs) across AustraliaRead more
Banking
Brighten’s reverse‑mortgage bet: why a niche product could be non‑banks’ next profit engine
Brighten has created a dedicated reverse‑mortgage leadership post, signalling a strategic push into equity release as Australia’s demographic curve tilts older and wealth concentrates in housingRead more
Banking
Why banks are moving at different speeds after the RBA hike — and how to turn timing into advantage
The Reserve Bank’s latest cash rate move has triggered an uneven response from lenders — a pattern that reveals more about funding structures, risk appetites and systems readiness than headline ...Read more
Banking
ANZ’s company-borrower mortgage clampdown: a risk reset with wide spillovers for SMEs, investors and non-banks
ANZ has tightened credit settings for home loans where the borrowing entity is a company — a narrow policy change with broad commercial consequences. It signals a shift in risk appetite across ...Read more
Banking
Banks urged to embrace existing payment technologies over AI hype
In the rapidly evolving landscape of financial technology, the focus has increasingly shifted towards artificial intelligence (AI) as the next frontier for innovation. However, Ian Boyd, General ...Read more
Banking
EMEA banks enjoy profit growth amid revenue challenges in 2025
In a year marked by economic turbulence and geopolitical uncertainties, the largest banks across Europe, the Middle East, and Africa (EMEA) have reported a paradoxical trend: shrinking or stagnant ...Read more
Banking
Australian major banks demonstrate resilience amid economic uncertainty
In the face of economic headwinds, Australia's major banks have reported robust half-year results, showcasing their resilience amid rising uncertainty. According to KPMG’s Australian Major Banks Half ...Read more
Banking
RBA's new ruling on card surcharges sparks debate among businesses and banks
In a significant move aimed at enhancing transparency and fairness in the Australian payments landscape, the Reserve Bank of Australia (RBA) has announced the removal of surcharging on debit, prepaid, ...Read more
Banking
Australian SMBs lose two business weeks annually to late payments, report finds
In a startling revelation, the latest report by GoCardless, a global bank payment company, highlights the crippling impact of late payments on small and medium businesses (SMBs) across AustraliaRead more
Banking
Brighten’s reverse‑mortgage bet: why a niche product could be non‑banks’ next profit engine
Brighten has created a dedicated reverse‑mortgage leadership post, signalling a strategic push into equity release as Australia’s demographic curve tilts older and wealth concentrates in housingRead more
Banking
Why banks are moving at different speeds after the RBA hike — and how to turn timing into advantage
The Reserve Bank’s latest cash rate move has triggered an uneven response from lenders — a pattern that reveals more about funding structures, risk appetites and systems readiness than headline ...Read more
Banking
ANZ’s company-borrower mortgage clampdown: a risk reset with wide spillovers for SMEs, investors and non-banks
ANZ has tightened credit settings for home loans where the borrowing entity is a company — a narrow policy change with broad commercial consequences. It signals a shift in risk appetite across ...Read more
