Over the past two years you may have heard about a new Consumer
Data Right (CDR). The Federal Government initially
announced the introduction of the CDR in November 2017, as part of
a strategy to give consumers more power over their data while also
improving competition amongst service providers.
While the CDR hasn't yet been implemented, the latest news
is that it will be phased into the banking sector from 1 July 2020
(subject to any delays caused by COVID-19 disruptions).
More and more onerous obligations are being placed on businesses
to deal with how they are to collect and receive data. We recommend
that businesses, in responding to such regulatory demands, develop
and implement modern data governance policies to cover data access,
portability and transparency, and complaint-handling procedures to
deal with data requests by customers.
