Implications of the Consumer Data Right Framework for Trusted Advisers

35 Pages Posted: 24 Mar 2022 Last revised: 9 Jun 2022

See all articles by Anton N. Didenko

Anton N. Didenko

University of New South Wales (UNSW) - Faculty of Law

Date Written: March 10, 2022


The recent introduction of the Consumer Data Right (‘CDR’) in Australia represents a major change to how consumer data is transferred in designated sectors of the economy (starting with banking). The CDR is expected to promote competition (by making it more convenient for customers to compare and select products) and encourage innovation (by enabling businesses to offer new products and services that are better adjusted to customers’ needs).

The recent public inquiries and consultations have highlighted a number of issues associated with the rollout of the CDR, such as (i) implementation and rollout of open banking, (ii) accreditation and access to CDR data, (iii) alternative means of accessing customer data, (iv) extending CDR to sectors beyond banking and (v) CDR governance.

While much of the debate around the CDR has largely focused on ‘accredited data recipients’ (as defined in Part IVD of the Competition and Consumer Act 2010 (Cth)), the impact of the CDR regime on professional advisers (such as accountants or financial consultants) and their customers has not been adequately analysed. On the one hand, prior to the recent revisions to the CDR framework non-accredited entities did not have access to a consumer’s CDR data. On the other hand, professional advisers are often already subject to special requirements and standards existing outside the CDR framework. The desirability and practicality of separate accreditation for such advisers was challenged in the 2020 report on the future directions for the CDR. In response, a new revision of CDR rules was adopted in September 2021 to allow professional advisers to access CDR data. This report analyses the implications of the CDR framework for the handling of CDR data by such advisers and their customers.

Keywords: consumer, data, right, CDR, trusted, adviser, implications, professional, framework, accreditation

Suggested Citation

Didenko, Anton N., Implications of the Consumer Data Right Framework for Trusted Advisers (March 10, 2022). UNSW Law Research Paper No. 22-6, Available at SSRN: or

Anton N. Didenko (Contact Author)

University of New South Wales (UNSW) - Faculty of Law ( email )

Kensington, New South Wales 2052

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