On 24 January 2022, the Government announced that the Consumer Data Right (CDR) would expand to ‘Open Finance’ as the next sector to be assessed. As announced, Open Finance will include the assessment of the non-bank lending sector, merchant acquiring services, and key data sets in the general insurance and superannuation sectors.
Public consultation has now commenced to inform the sectoral assessment for applying the Consumer Data Right to non-bank lending. Sectoral assessments are conducted with reference to the criteria set out in section 56AD the Competition and Consumer Act 2010.
Written submissions are sought from stakeholders on the questions contained in the consultation paper. Responses to this consultation will inform Treasury’s final report, which the Minister will consider when deciding whether to designate non-bank lending services.
Consultation on merchant acquiring services, general insurance and superannuation will occur later in the year.