Financial Rights holds ongoing concerns with respect to the read access implementation of the CDR as it applies to the financial services sector. These concerns are mainly centred on the privacy and security issues that arise from potential access to sensitive financial data by non-accredited third parties. We also hold residual concerns with respect to the impact of the current CDR regime with respect to its application to joint accounts and the potential impact on those Australians who may experience physical or financial abuse or harm.
With these outstanding issues remaining unresolved, and the CDR regime as yet not live, we believe that it is premature to begin an expansion of the CDR when consumer trust has yet to be built. The FinTech sector need to prove themselves able to build trust to protect consumer’s interest.
