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 includes the assessment of the non‑bank lending sector, merchant acquiring services, and key data sets in the general insurance and superannuation sectors.
Public consultation to inform the sectoral assessment for applying the Consumer Data Right to non‑bank lending closed on 15 April 2022. Sectoral assessments are conducted with reference to the criteria set out in section 56AD of the Competition and Consumer Act 2010.
Responses to this consultation informed Treasury’s final report, which the Minister will consider when deciding whether to designate non‑bank lending services.
Consultation on the remaining sectors in Open Finance will occur later in the year and in early 2023.