Treasury released exposure draft amendments to the Competition and Consumer (Consumer Data Right) Rules 2020, explanatory materials and a draft Privacy Impact Assessment for consultation in August 2023. The exposure draft rules expand the Consumer Data Right (CDR) to the non‑bank lenders sector. The non‑bank lenders sector was designated as subject to the CDR on 21 November 2022.
AGL has been a consistent and vocal supporter of the CDR regime as an economy wide model that enables consumers to have access to, and control over, data that directly relates to them. We recognise that extending the CDR to this sector is expected to facilitate more informed consumer engagement with both banks and non‑bank lenders, leading to improved financial outcomes for individuals and businesses.
However, as we have noted in our previous responses, the key to the success of CDR is consumer awareness and confidence in using the system. It is therefore critical that government and industry together undertakes a fulsome analysis, with continued consultation and revision of the design and implementation of the system based on industry feedback. Failure in the CDR design and implementation will have negative consequences for consumer trust and ultimately, the success of the CDR regime.
Read the full submission here.