Key Takeaways for Brokers:
|
As a Mortgage Broker using Frollo, it's essential to understand the robust privacy safeguards in place to protect your client's data. The Consumer Data Right (CDR) framework ensures strong privacy and security. Here's how Frollo and NextGen adhere to these safeguards:
Strong Privacy Safeguards
The CDR privacy safeguards outline specific privacy rights and strict obligations for businesses collecting and handling data. Frollo and NextGen comply fully with these regulations.
Australian Government ACCC Accreditation
Frollo and NextGen are SOC 2 Type II certified, the highest standards for security, availability, and confidentiality.
Frollo was the first FinTech in Australia to become an Accredited Data Recipient (ADR) under the Australian Competition and Consumer Commission (ACCC) Open Banking regulations in 2020. NextGen became an ADR in 2022.
This accreditation requires us to meet strict requirements in several key areas:
- Obtaining Consumer Consent: Frollo only collects data from another business (Accredited Data Holder - ADH) when we have received explicit Consumer Consent. Consumers can withdraw their Consent at any time.
- Data Collection, Usage, and Storage: Frollo collects and uses data solely to provide the requested product or service. We ensure transparency and clarity when collecting data. If Consent is withdrawn, we cease using the data and delete or de-identify it, as permitted by law, unless an exception applies.
- Information Security: Frollo and NextGen adhere to strict information security requirements. This includes protecting data from misuse, interference, loss, unauthorised access, modification, or disclosure.
- Protecting Privacy: CDR data is transferred via a secure online system to protect your Consumers' privacy and information.
Additional Privacy Rights
There are numerous other privacy rights under the Consumer Data Right.
For example, as an ADR, Frollo and NextGen are prohibited from sending data overseas, unless an exception applies.
For more information on CDR privacy rights, please refer to this Government fact sheet and our CDR Policies:
We are dedicated to ensuring the security and privacy of your client's data.