What is the Consumer Data Right for Open Banking?

As a Mortgage Broker using Open Banking with Frollo, it's important to understand the foundation of this system: the Consumer Data Right (CDR). Here's a clear explanation:

What is the Consumer Data Right (CDR)?

The Consumer Data Right (CDR) is an Australian regulatory framework that is currently active in the banking and energy sectors. It is designed to give Consumers a secure way to control which businesses have access to their data, including their financial information (Open Banking Data).

Purpose of the CDR

The CDR allows Consumers to provide Consent to give access to their information to Accredited Data Recipients (ADRs) – like Frollo – so we can offer products and services tailored to their needs. In the context of mortgage broking, this facilitates the secure sharing of financial data for loan applications.

Opt-In System

The CDR is an opt-in system. This means Consumers choose to provide access to their data and can withdraw that Consent at any time. They also have the right to ask us to delete data held at any time.

Regulatory Oversight

The CDR is co-regulated by the Australian Competition and Consumer Commission (ACCC) and the Office of the Australian Information Commissioner (OAIC). The ACCC and the OAIC ensure that Consumer rights and protections, including requirements around Consent and privacy, are enforced. More information on the role of each regulator can be found on the government's website.