Australasia

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‘OPT-OUT’ JOINT ACCOUNT DATA SHARING MODEL – SUBMISSION

Open Finance, a precursor to the Consumer Data Right, began as a grassroots movement, campaigning for the legal rights of consumers and businesses to have control of their financial data and share this data with businesses of their choice digitally. It is part of a broader suite of Open Data initiatives to empower consumers and small businesses to access, change and benefit from the data held about them by governments and institutions.

The initiative has gathered considerable momentum; various markets worldwide assess, adopt, or implement laws and regulations to support it. In the EU, Canada, USA, Mexico, Brazil, India, Japan, Australia, Russia, New Zealand, South Korea, Singapore, and many other significant markets are already at varying stages of review, policy development or implementation.

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CDR Market Participants

A CHOICE NEEDS TO BE MADE
If the current definition of CDR Data remains unchanged; the ability to permit accreditation to all levels of the ecosystem is the only way that compliance with the legislation can occur. This includes accountants, advisers, brokers, bookkeepers, marketplace participants, etc.

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Consumer Data Right

A CHOICE NEEDS TO BE MADE
If the current definition of CDR Data remains unchanged; the ability to permit accreditation
to all levels of the eco system is only way that compliance with the legislation can occur. This includes accountants, advisers, brokers, bookkeepers, marketplace participants, etc.

Download Document Here

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CDR RULES EXPANSION AMENDMENTS – SUBMISSION

Open Finance, a precursor to the Consumer Data Right began as a grassroots movement, campaigning for the legal rights of consumers and businesses to have control of their financial data and to be able to share this data with businesses of their choice digitally. It is part of a broader suite of Open Data initiatives, aimed at empowering consumers and small businesses to access, change and benefit from the data held about them by governments and institutions.

The initiative has gathered considerable momentum; various markets around the world are assessing, adopting or implementing laws and regulations to support it. In the EU, Canada, USA, Mexico, Brazil, India, Japan, Australia, Russia, New Zealand, South Korea, Singapore and many other significant markets are already at varying stages of review, policy development or implementation.

Despite these positive market developments, there is still much to understand about the versatility of Open Data, Open Finance and Data Portability to unlock economic potential and to improve the financial wellbeing of customers. In addition to exploring these opportunities, there are also risks and ethical considerations which will be critical factors for governments and regulators in developing policies and regulatory reform moving forward.

Research is needed to understand, measure and forecast the considerable impact of Data Portability on society and to shape public policy to ensure a Consumer Data Right creates positive disruption and the appropriate flows of capital allocation in markets, as well as to assess the techniques of regulation.

FDATA wishes to commend the efforts of the Australian Government in the continuing consultation with Industry and the release of the latest version of rules that will form Australia’s Consumer Data Right. Various groups have supported these works intending to design and develop a fit-for-purpose solution.

To arrive at the most suitable solution for Australia, working with such groups of expertise and enthusiasm, along with a comprehensive suite of participants, is essential. Globally, FDATA has provided comprehensive research and advisory to Federal Regulators and their Government’s alike. The design of the following sections provides targeted feedback in response to this final round of consultation. FDATA would be pleased to provide additional feedback or Global research to the Australian Government if required to progress the formalisation of CDR rules.

Australia has proven to be a world leader in legislative reform and its unique approach to adopting a Consumer Data Right. FDATA commends your attempts to learn from other jurisdictions and consider all options before deciding on the right path forward.

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2021 Q1 Wrap

Formal Submissions
The New Zealand government has responded to our ‘Options for a CDR’ submission (September 2020) and has requested a discussion around potential involvement. Data 17th February 2020.

Download 2021-Q1-Wrap.pdf

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FDATA WELCOMES THE START OF OPEN BANKING

Leading fintech trade association calls launch “the first waypoint on a long journey”

The Financial Data and Technology Association, the leading advocate of open banking in the UK and around the world, has welcomed the parallel implementation of PSD2 across Europe, and the launch of Open Banking amongst the large banks here in the UK.

FDATA, which is chaired by Gavin Littlejohn, who represents the fintech industry on the Open Banking Implementation Entity Steering Group, was set up by six fintech companies in 2014 at the request of HM Treasury, and has been working directly with government, regulatory authorities and financial industry stakeholders in our mission to open up Britain’s financial sector to the benefits of financial data and technology.

FDATA has members from across the financial sector who provide innovative financial applications and services to empower personal and small business consumers to make better decisions and take fuller control of their financial lives across all their bank accounts, credit cards, loans and investments.

PSD2 and Open Banking empower the customer, through his or her explicit consent, to ensure that their chosen third party provider can access their data, make payments and provide them with innovative financial solutions.

Commenting on today’s launch, FDATA Chairman Gavin Littlejohn said:

“This is an important day for consumers and small businesses. From today, PSD2 gives consumers the right to share their payments data with their chosen third party app without any lingering fear that they are breaching the terms of their bank account, and those third party providers are being brought into a regulated environment to further increase consumer protection. And, in the UK, the delivery by the nine largest current account providers of a common Open Banking standard has provided the opportunity to reduce fragmentation, enhance innovation and provide additional security measures for the whole ecosystem.

“The standardisation of Open Banking delivery will see the continued expansion of fintech companies, models and products, and this is an extremely exciting time for the consumer and for UK plc.

“However, Open Banking in the UK is merely the first waypoint on a long journey. The scope of this launch – only current accounts and only from certain banks – is limited, and customers will only experience the full benefits when the scope is expanded.

“FDATA has successfully campaigned to get us this far, and we will now campaign with renewed vigour to bring all financial products, from all over the world, into a standardised open banking system.

“The drive towards open banking has been, and will remain, customer outcome led. The fintech industry exists because customers required better outcomes. Today is the day where consumers of financial technology in the UK can know for sure that they are being listened to.”

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