Australia: Entry into force of data sharing in amended Consumer Data Right rules

On 1 November 2021, the data-sharing measures included in the amended Consumer Data Right rules, enter into force. The provisions improve the consumer experience, provide more flexibility for business model participants and require major banks to enable newly in-scope consumers to share their data with accredited data recipients when shopping for better services. Data holders must implement a consumer data request service that enables non-individuals and business partnerships to grant and also revoke authorizations for the disclosure of consumer data.