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The federal government will be examining further ways to utilise Consumer Data Right to support innovation and competition with the assistance of a partner at a major firm.
The Morrison government has announced it will host an inquiry into the additional ways consumers can access greater choice and convenience around Consumer Data Right (CDR). It appointed King & Wood Mallesons (KWM) partner Scott Farrell to lead.
KWM said Mr Farrell’s appointment is a testament to its “unparalleled expertise” in the space. Financial services sector leader at KWM Evie Bruce welcomed the news.
On his appointment, she said: “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.”
The inquiry will look to increase the scope of CDR, including in providing “write” access to allow customers to apply for and manage products, such as by initiating payments. It will also look at how the work already done for the CDR can be used to support the development of a safe and efficient digital economy.
Mr Farrell’s appointment comes after he chaired the open banking review in 2017 and recommended the most appropriate model for open banking in Australia. They arise from the initial review and were implemented as the first part of CDR.
Naomi Neilson is a senior journalist with a focus on court reporting for Lawyers Weekly.
You can email Naomi at:
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