Financial Rights’ interest in the Digital Platform Inquiry is centred on the need for a strengthened privacy regime arising out of the data use and collection practices as identified in the Preliminary report. This is an important finding that has broader implications for the digital economy and, more specifically, the implementation of the Consumer Data Right (CDR) and its first application in open banking.
Financial Rights has raised significant concerns with the development of the CDR and its impact upon the safety and privacy of financial services consumers. We have been vocal advocates for the need to review the Privacy Act and the Australian Privacy Principles in order to mitigate a number of the risks identified in the design of the CDR regime.
