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Key Takeaways:
Using a Trusted Adviser can make the process of sharing your financial information for your loan application smoother and more efficient. |
When applying for a loan with the help of your Broker, you might hear the term "Trusted Adviser." Here's an explanation of what that means in the context of Open Banking and the Consumer Data Right (CDR):
Nominating a Trusted Adviser
You, the Consumer, can nominate certain people as your "Trusted Adviser". By doing so, you can provide Consent for an Accredited Data Recipient (ADR) like Frollo to share your data with that adviser.
Who Qualifies as a Trusted Adviser?
Trusted Advisers are individuals who belong to specific professional classes defined in the CDR regulations, specifically CDR Rule 1.10C(2). These include:
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Mortgage Brokers (as defined in the National Consumer Credit Protection Act 2009)
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Practicing Solicitors
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Qualified Accountants
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Financial Advisers
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Registered Tax Agents
Receiving CDR Data
A person belonging to any of these professions can, with your Consent, receive your CDR data from an ADR like Frollo without needing to be an ADR themselves.
Benefits of Using a Trusted Adviser
This can help streamline your onboarding process and fact-finding for your loan application. It also allows your Trusted Adviser to provide ongoing services and deliver more value to you.
Regulatory Obligations
While Trusted Advisers do not have the same regulatory obligations as an ADR under the CDR, they are subject to existing professional and regulatory oversight relevant to their profession.
If you would like to know more information about Trusted Adviser's and their role in Open Banking, please see the following: