Treasury has released exposure draft amendments to the Competition and Consumer (Consumer Data Right) Rules 2020 (the CDR Rules) which expand the Consumer Data Right to the non‑bank lenders sector.
Extending the CDR to this sector is expected to increase the availability of data, encouraging innovation in financial technology and helping consumers to better understand and manage their finances.
The Amending Rules apply the following CDR core elements to non-bank lenders:
• eligibility requirements for consumers seeking to make requests for CDR data;
• provisions specifying in-scope products and data sets that may, or must, be provided on request;
• requirements for internal and external dispute resolution.
Treasury is also seeking input on the development of changes to consent procedures and further operational enhancements to the CDR Rules.
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.
