Financial Rights continues to hold the view that the Consumer Data Right (CDR), as materialised in the Treasury Laws Amendment (Consumer Data Right) Bill 2018, is fundamentally misconceived and is:
• limited in scope and misleads consumers;
• piecemeal and entrenches Australia falling behind the rest of the world;
• establishes multiple privacy standards, confusing consumers and placing them at risk;
• facilitates the leakage of sensitive financial data to entities that provide lower privacy protections;
• establishes flawed and incomplete privacy safeguards; and
• cements in place two different FinTech sectors.
