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Key Takeaways for Brokers:
Understanding the role of a Trusted Adviser within the CDR framework can significantly enhance your ability to assist your clients efficiently and effectively. |
As a Mortgage Broker using Frollo, it’s important to understand the concept of a "Trusted Adviser" within the Consumer Data Right (CDR) framework. This allows you to better assist your clients and streamline their loan applications. Here’s a breakdown:
Nominating a Trusted Adviser
Your clients can nominate certain individuals as their "Trusted Adviser". They can then provide Consent for an Accredited Data Recipient (ADR), such as Frollo, to share their Open Banking Data with that nominated adviser.
Who Qualifies as a Trusted Adviser?
Trusted Advisers 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
Individuals in these professions can, with your client's Consent, receive their CDR data from an ADR like Frollo without needing to be an ADR themselves.
Benefits for Your Practice
This feature can help you streamline your clients onboarding and fact-finding processes. It also allows you to provide ongoing services and deliver more value to your Clients.
Regulatory Obligations of Trusted Advisers
Trusted Advisers do not have the same regulatory obligations as an ADR under the CDR. However, as members of a specified professional class, they are subject to existing professional and regulatory oversight relevant to their profession.
For more information about Trusted Adviser's and their role in Open Banking, please see the following: