Consumer Data Right and Open Banking: Government moves forward on legislation

The Australian Treasury has recently released draft legislation[1] with respect to Consumer Data Right (CDR) for public consultation.  Under the proposed CDR regime, businesses in certain sectors of the economy will be compelled to provide consumers (individuals and business customers) with access to particular data, including their transactions, usage and product information.  Consumers will also have the right to direct a business to transfer such data relating to them to a trusted third party (known as an “accredited data recipient”) – for example, to another bank.  This follows recommendations by the Productivity Commission[2] and the Treasury’s Review into Open Banking conducted in 2017.  The CDR is intended to facilitate greater competition by providing consumers with greater control of the data relating to them held by businesses. The concept of Open Banking refers to the CDR regime as it applies to the banking sector[3]. The…

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