King & Wood Mallesons (KWM) Partner, Scott Farrell, has been appointed by the Australian Government to lead the inquiry into the future direction of the Consumer Data Right (CDR). The inquiry will look at additional ways to give consumers greater choice and convenience when it comes to selecting service providers through better control of their data.
The CDR enables customers to direct businesses to share their data securely with chosen third parties, allowing them to compare options and more make more informed choices between competitors. It underpins Open Banking in Australia, which comes into effect this year.
Ways the inquiry will look to increase the scope of the CDR includes providing ‘write’ access to allow customers to apply for and manage products, such as by initiating payments. The inquiry will also look at how the work already done for the CDR can be used to support the development a safe and efficient digital economy.
Scott’s appointment comes after he chaired the formative open banking review in 2017, which recommended the most appropriate model for Open Banking in Australia. The recommendations arising from the initial review were implemented by government as the first part of CDR.
The inquiry will draw on a broad range of expertise by consulting with interested parties from industry, consumer groups, privacy advocates and others. It is due to be completed by September 2020.
Being selected by government to head up this review is testament to KWM’s unparalleled expertise in this space, said Banking & Finance and M&A Managing Partner, Evie Bruce.
“Scott is a world leader in financial systems and fintech law and is committed to ensuring the best outcome for Australian customers when it comes to the development of the Consumer Data Right,” she said.
In 2017 Scott Farrell was appointed to lead the inquiry into Open Banking, the report for which was released in early 2018, see KWM’s analysis here. The Australian Government’s announcement on the appointment can be found here. The terms of reference can be found here.