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CDR more business friendly

25 July 2023 5:17AM

Businesses will be allowed to share their data with a wider range of third parties under changes to the Consumer Data Right rules registered last week. The new rules, set out in Competition and Consumer (Consumer Data Right) Amendment Rules (No.1) 2023, mean that businesses can give their consent to accredited data recipients sharing their CDR data with parties such as bookkeepers, consultants, advisers and software providers that are not classified as trusted advisers under the current rules. The business consumer must provider the accredited data recipient with a statement certifying that the consent is given for the purpose of enabling the ADR to provide goods or services to the business in its capacity as a business and not as an individual. An explanatory statement accompanying the rule change said stakeholder feedback indicated that the previous rules did not cover the range of advisers or services typically used by businesses. The Minister for Financial Services Stephen Jones said the changes would make businesses less reliant on screen scraping when sharing their data with third parties. Screen scraping has been identified as a risky way of sharing data. The new rules also extend the maximum duration of certain consents given by a CDR business consumer to an ADR from 12 months to seven years. “Stakeholder feedback indicated that the previous consent durations did not reflect the reality of business requirements, such as record-keeping and the need to maintain operational continuity,” the explanatory statement said. And the new rules will make it easier for ADRs to engage outsourced service providers. 

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