The Government established a statutory review on the operation of the Consumer Data Right. Led by Ms Elizabeth Kelly PSM, the statutory review explored the extent to which implementation of the CDR statutory framework supported the core policy objectives of driving value for consumers, increasing competition within designated sectors, and driving innovation across the data services sector.

The Issues Paper sought feedback on whether the framework is fit‑for‑purpose to provide benefits for consumers, increase competition, and drive innovation.

As part of the expansion of the Consumer Data Right to ‘Open Finance’, the Government consulted on a sectoral assessment for applying the Consumer Data Right to non‑bank lending.

ASIC released its Consultation Paper 343 in late 2021. The paper investigates the characterisation of crypto-assets and examines exchange-traded products (ETPs) where crypto-assets are the underlying asset.

The Senate Select Committee on Australia as a Technology and Financial Centre released a third issues paper that covered a broad range of areas, including cryptocurrency, neobanking, debanking, R&D tax incentives, talent attraction, CDR and more.

After months of consultation with over 500 of our member representatives, we have compiled the position of the fintech industry in a comprehensive document to the Committee.

In late 2020, the Senate Select Committee on Fintech and Regtech released a second issues paper which covered a broad range of areas, including R&D and Corporate taxes, CDR, data and block regulation issues, Rules as Code, Access to Capital, Funding, Regulatory Culture, Skills and Talent Acquisition, Trade and International Policy, and the framework for the ongoing consideration of fintech and regtech issues.

FinTech Australia worked closely with its Open Data Policy Working Group of over 120 members to produce a submission to Treasury on the Consumer Data Right’s 3rd version draft rules.

Our submission focused on a wide range of issues, including the Sponsor/Affiliate model, trusted advisors, joint accounts, and more.

In early 2020, the Treasurer announced that Scott Farrell would be leading an inquiry into the future directions of the Consumer Data Right. The Issues Paper called for industry submissions regarding the future roles and outcomes for the Consumer Data Right, not limited to the currently identified industry applications and the international context of the regime. It also examined switching between products, read and write access, linkages and interoperability with existing frameworks and infrastructure, leveraging existing CDR infrastructure and consumer protection.

This submission was made to the ACCC in response to their consultation on the Draft CDR Rules concerning Intermediaries. This submission covers the participation of third party service providers, the accreditation of principals and providers, key definitions (including key use cases), liability, transparency and consent, recording keeping and information security.