Treasury has released a report on outcomes from the Consumer Data Right (CDR) Strategic Assessment, identifying ‘Open Finance’ as the next priority area to expand the CDR.

Open Finance will be implemented in phases involving the assessment and designation of key datasets within the superannuation, and general insurance sectors and merchant acquiring and non-bank lending service providers in 2022.

The Government will also consider where complementary government-held datasets can be brought into the CDR ecosystem to support Open Finance.

The Privacy Commissioner has released 8 new guides for business operating in the Consumer Data Right (CDR) system who need to comply with the CDR privacy safeguards and version 3 of the CDR Rules:

*Sponsored accreditation model – Privacy obligations of affiliates
* CDR insights
* CDR outsourcing arrangements – Privacy obligations for outsourced service providers
* CDR outsourcing arrangements – Privacy obligations for principals of OSPs
* CDR representative model – Privacy obligations of CDR representatives
* CDR representative model – Privacy obligations of CDR principals
* Sponsored accreditation model – Privacy obligations of sponsors
* Trusted advisers in the Consumer Data Right system.

If you found this article helpful, then subscribe to our news emails to keep up to date and look at our video courses for in-depth training. Use the search box at the top right of this page or the categories list on the right hand side of this page to check for other articles on the same or related matters.

Author: David Jacobson
Principal, Bright Corporate Law
Email:
About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.