Government finalises Consumer Data Right rules for non-bank lenders (Copy)

Minister for Financial Services Stephen Jones has announced the final Rules for the Consumer Data Right (CDR) extension to the non-bank lending sector, commencing from mid‑2026. The sector was formally designated in 2022.

The final Rules include:

• Voluntary data sharing of consumer or product data for niche products such as asset finance, consumer leases, reverse mortgages, margin loans and foreign currency amounts.

• An exclusion for complex data requests from data sharing obligations for NBLs, which includes joint accounts and secondary users.

• An increased de minimis threshold.

• A reduced period of data to be held and shared, from 7 years to 2 years, reducing costs associated with maintaining and responding to requests for historical data.

• Buy Now, Pay Later products are covered by data sharing obligations.

The Minister also notes that the Rules will open opportunities for consumers to use the CDR to find the best deals on more lending products, while also addressing the cost burden of the CDR on the financial sector.

AFIA will be hosting a number of online and in-person meetings to discuss compliance with the Rules. If you are interested in participating in AFIA’s CDR working group or receiving information about these events, please contact Kate Melville at kate.melville@afia.asn.au.

In other CDR news, Pepper Money Chief Information Officer Stephen Meek has also been appointed to the Data Standards Advisory Committee supports the Standards Chair within the scope of the CDR.