Home / Life Insurance / Consumer data right rules change will support participation: Hume
11 October 2021
The Morrison Government has made amendments to rules governing the Consumer Data Right (CDR) regime, an initiative that aims to give individuals greater access to and control over their personal details.
The changes relate to version 3 of the rules and come after a Treasury consultation that closed on July 30.
Financial Services Minister Jane Hume says the changes will accelerate the benefits of the CDR by empowering consumers to share their data easily and securely with certain trusted professional advisers, including their accountant, tax agent, financial counsellor, financial adviser or mortgage broker.
It will also enable consumers to disclose limited data insights outside the CDR for a specific purpose if they choose, such as to verify their identity or bank account balance.
“The rules made… are an important step in supporting the development of a vibrant data economy that provides benefits to business and consumers,” Ms Hume said.
“The Government is committed to supporting businesses and consumers to participate in the Consumer Data Right and will continue to ensure that the rules support that objective.”
Consumers will continue to be in control of their data while benefiting from more options over the disclosure of their data, Ms Hume said.
She says the CDR will retain important consumer privacy and security protections to control what data is shared, for how long, with whom and for what purposes.
The National Insurance Brokers Association says it understands that the changes do not apply directly to general insurance. It says it will continue to monitor the situation and consult with members when specific insurance-related proposals emerge.
The CDR launched in July last year, first in the banking sector and energy is up next, and then telecommunications. A new sector will be assessed and designated every year, according to the CDR website.