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ARTICLE · 13 APRIL 2022

Consumer Data Right access expanded to trusted advisers

Holley Nethercote
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Explanation of important CDR words & phrases. Key requirements for Trusted Advisers who want to participate in the CDR regime.

AustraliaFinance and Banking
Katherine Temple
Katherine Temple
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Important changes have been made to the Consumer Data Right (CDR) Rules that enable 'trusted advisers' to access consumer data via the CDR regime, including suitably accredited financial advisers, lawyers, qualified accountants and mortgage brokers.

The CDR regime was introduced and commenced its rollout to the banking sector in July 2020 and will also be rolled out to new sectors including energy and telecommunications in coming months. The CDR is intended to give consumers greater access to and control over their data. It allows consumers to direct a business to transfer their data to certain recipients, ideally making it easier for consumers to manage their finances and access more suitable products and services.

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