FinTechs call for clear way forward on CDR as bill stalls

Brandon How

Local FinTechs have called for greater clarity on the future of the Consumer Data Right, including key reforms to the scheme that have languished before federal Parliament for more than 18 months.

The Opposition have also seized on the slow progress of the Treasury Laws Amendment (Consumer Data Right) Bill 2022 amid a cost of living crisis, arguing that the changes would deliver greater competition across the banking and energy sectors.

First introduced to the banking sector in July 2020, the Consumer Data Right (CDR) aims to improve competition and innovation by requiring product and consumer information to be made available to consumers at their request.

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