The Competition and Consumer (Consumer Data Right) Amendment (2024 Measures No. 1) Rules 2024 (the Amending Rules) have been registered to amend the CDR consent process and introduce several other operational enhancements to the CDR Rules. Background.
The changes are intended to simplify the consent process and streamline requirements for providers by allowing consents to be bundled so that consumers would be able to provide multiple consents through one single action.
The changes also simplify the information that data recipients are required to provide to the consumer at the time of seeking the consumer’s consent.
The Amending Rules also change the following:
• allow accredited authorised deposit-taking institutions (ADIs) to hold CDR data as a data holder where a consumer has applied to acquire a product from an ADI;
• clarify that a CDR representative principal must ensure their CDR representative(s) comply with consumer experience data standards as if they were an accredited data recipient (ADR);
• remove the obligation for data holders to provide account holders with an online service that allows them to stop CDR data being disclosed to a particular ADR in response to data sharing requests made by secondary users; and
• provide a trial products exemption in the energy sector, similar to the existing exemption in the banking sector.
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Author: David Jacobson
Principal, Bright Corporate Law
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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.
