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Consumer Data Right
The new Consumer Data Right (CDR) framework was designed to facilitate quick and easy access to data and allows consumers to compare products and services (e.g. financial, telecommunications, energy etc.) in a safe, controlled and convenient environment. The new CDR rules will deliver significant benefits to the advice process by allowing clients to request their financial data be automatically provided by product providers to their financial planner. The Government’s dedicated CDR website provides helpful consumer information and videos financial planners can share with their clients to encourage them to ‘opt-in’ to the CDR system, including:
Licensees will need to apply to the ACCC for ‘accredited data recipient’ status and meet the CDR requirements. The new CDR rules allow ACCC accredited data recipients (such as licensees) to sponsor other parties to become accredited or allow them to operate as their representative. See the CDR website for more details.
These are important measures the FAAA has been advocating for to improve data collection for members and engagement with financial products on behalf of clients.
Video SOA
The FAAA conducted a consultation with members on alternative methods for delivering the SOA to improve the client advice experience. This involved reviewing the SOA with fresh eyes, reassessing its purpose and considering what the next decade of advice delivery could look and feel like for consumers.
The FAAA engaged the advice technology community to provide insights on how technology could improve the advice experience and progress the evolution of the SOA.
Access the FPA Video SOAP Box video series in the FAAA Member Portal.
Any questions?
We are always keen to hear your valuable feedback and suggestions. Please let us know if there are any policy issues or concerns that affect you.
Join the discussion on FPA Community.