Submission to the Treasury Laws Amendment (Consumer Data Right) Bill 2018

Financial Rights believes that the draft CDR legislation (and approach) is misconceived and fundamentally flawed in a significant number of ways:

• The CDR is limited in scope and misleads consumers
• The CDR is piecemeal and expedites Australia falling behind the rest of the world
• The CDR establishes multiple privacy standards, confusing consumers and placing them at risk
• The CDR facilitates the leakage of sensitive financial data to entities that provide lower privacy protections
• The CDR establishes flawed and incomplete privacy safeguards
• The CDR institutes two very different FinTech sectors