Financial Rights strongly opposes the Australian Competition and Consumer Commission’s proposed changes to the Consumer Data Right on the basis it puts consumers and privacy at risk.
The ACCC proposes significant changes to the Consumer Data Right that are centred on introducing new tiered accreditation levels, a range of new consents and disclosures, a move to allow non-accredited parties to obtain highly sensitive consumer data without meeting safety and security standards and introducing new rules around the management of joint accounts.
Many of the proposed amendments disproportionately benefit of the FinTech sector and their commercial interests to the detriment of the needs and interests of consumers.
