The Senate Select Committee on Financial Technology
and Regulatory Technology (the Committee) is
considering the current and future government approach to FinTech
and RegTech in Australia, and is inviting submissions until 31
December 2019.
The Committee's recent issues paper1 flags the
introduction of the Consumer Data Right (CDR) in
superannuation as one of a number of regulatory changes that may
support the success of Fintech and RegTech in Australia.
The CDR is scheduled to be implemented in the banking sector as
'Open Banking'. Unlike similar regimes in the UK and the
EU, the Australian approach to consumer data regulation is designed
to eventually be implemented on an 'economy-wide' basis. It
is currently anticipated that a phased roll-out to the energy and
telecommunications sectors will occur following the go-live of Open
Banking in February 2020, with superannuation and insurance being
other probable priority sectors for CDR deployment.
