Treasury has released exposure draft amendments to the Consumer Data Right rules and explanatory materials for consultation (version 3 of the rules).
The exposure draft amendments include changes to the CDR Rules to accelerate the benefits of the CDR for consumers by reducing barriers to participate in open banking and by allowing more Australians to leverage their data in common banking scenarios. They will support growth of the CDR ecosystem and increase participation in the CDR by data recipients and consumers by:
- Introducing a sponsored tier of accreditation and a CDR representative model
- Allowing consumers to share their data with trusted professional advisers
- Allowing participants to share CDR insights with consumer consent for specific purposes
- Creating a single consent data sharing model for joint accounts.