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Government retains CDR data standards chair

The government has reappointed the data standards chair for the open banking regime, deciding to keep him on for another year and a half.

Andrew Stevens has been retained in the role, where he is responsible for establishing and implementing the regulatory framework and technical and consumer experience standards for the consumer data right (CDR).

He was first appointed to the role in 2018, after being managing director of IBM Australia. His term with the CDR has been extended until 28 February 2023.

Mr Stevens is also the current chair of the Industry, Innovation and Science Australia board, as well as a non-executive director for Stockland and oOh! Media.

The CDR is now shifting to the energy sector and looking to roll out in telecommunications as its third industry, after starting data sharing in banking.

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“I congratulate Mr Stevens on his reappointment and look forward to his continued contribution to deliver a world-leading data portability framework,” Financial Services Minister Jane Hume stated.

Treasury released new rules in June that would allow consumers to share their open banking data with “trusted professional advisers”, including mortgage brokers.

Under the scheme, consumers would be able to consent to an accredited data recipient – such as their bank – to disclose their CDR data to their nominated trusted adviser.

An accredited data recipient would be certified by the ACCC, to receive consumer data to provide a product or a service.

Aggregation group Loan Market Group recently called for more clarity around the role of aggregators in the CDR proposal, saying it was unclear and they should be recognised as a data recipient for brokers.

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However, a newer version of the CDR draft legislation released on Tuesday did not include any reference to aggregators.

The legislation is under consultation, with submissions open until 13 September.

[Related: Red tape choking small-bank lending: BOQ]

Government retains CDR data standards chair
Government retains CDR data standards chair
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Sarah Simpkins

Sarah Simpkins is the news editor across Mortgage Business and The Adviser. 

Previously, she reported on banking, financial services and wealth for InvestorDaily and ifa.

You can contact her on This email address is being protected from spambots. You need JavaScript enabled to view it..

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