While the rules were initially made in February 2020, they have now been updated to expand their functionality, as per the recommendations of the 2018 Open Banking Review. Among the main changes to the CDR rules is the ability for more business customers to utilise CDR and share their data with accredited data recipients when shopping around for better services.

The new rules, which commenced on 23 December 2020, also include provisions to improve the consumer experience and provide greater flexibility for participants’ business models. Prior to these amendments, sharing of CDR data was limited to account holders that were individuals (including sole traders) aged 18 or over, from accounts held singly or jointly with one other individual. 

Under the amended rules, CDR data can be shared by non-individuals, in the context of business partnerships, and by secondary users. This includes incorporated entities and business partnerships. Major banks will therefore enable these customers to share their data with accredited data recipients from 1 November 2021.

The amended rules also allow accredited data recipients (ADRs) to offer to their CDR consumers the ability to amend an existing consent. This includes the ability to add or remove uses, data types, accounts, or data holders, or to amend the duration of the consent.