The Australian government has updated the Consumer Data Right (CDR) rules, with accredited CDR participants now able to sponsor other parties to become accredited or allow them to operate as their representative.
Parties that are representatives of accredited data recipients (ADRs) will be able to access and use CDR data without accreditation so long as they offer CDR-related services, which the government hopes will increase industry participation in the CDR.
Previously, only ADRs have been able to receive consumers' data from a data holder and make use of it in their own products or services.
The CDR is a government initiative aimed at allowing individuals to "own" their data by granting them open access to their banking, energy, phone, and internet transactions, as well as the right to control who can have it and who can use it.
The Federal Treasury, the lead agency in rolling out the initiative, envisions the CDR as being a tool that will help individuals to monitor finances, utilities, and other services, and compare and switch between different offerings more easily.
The first tranche of Australia's CDR was officially launched on July 1, requiring financial services providers to share a customers' data when requested by the customer. While the first tranche only applies to the financial services industry, energy and telecommunications will soon join the regime.
In addition to giving more functions to accredited CDR participants, the third version of the CDR rules also expands consumers' rights, where they are now able to nominate trusted advisers to access CDR data. Trusted advisers include accountants, tax agents, financial counsellors, financial advisers, and mortgage brokers.
The updated rules also mean consumers will now be able to disclose limited data insights outside the CDR for a specific purpose such as for verifying identity and confirming bank account balances.
Data sharing processes for consumers with joint accounts will also be simplified, with each account holder in a joint account to be able to consent to data being shared on the account from July next year.
Minister for Superannuation, Financial Services and the Digital Economy Senator Jane Hume labelled the updated rules as a "game change for digital innovation".
"The rules made today are an important step in supporting the development of a vibrant data economy that provides benefits to business and consumers. 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," Hume said.
In the previous set of amendments, made in December, the government permitted ADRs to offer CDR consumers the ability to amend an existing consent, which included the ability to add or remove uses, data types, accounts or data holders, or to amend the duration of the consent. It also provides for separate consent types, including consents for collection, use, disclosure, direct marketing, and research.