What is a CDR Trusted Adviser?

The Consumer Data Right (CDR) empowers consumers to share their data securely and efficiently. Among its many provisions, the concept of a "trusted adviser" stands out as a pivotal element for consumers seeking professional advice and services. But what exactly is a CDR trusted adviser, and how does this role function within the CDR framework? Let’s delve into the details.

Understanding the Role of a Trusted Adviser A trusted adviser under the CDR system is a professional who consumers can nominate to receive their CDR data. This allows the consumer to get personalized advice or services based on their shared data. This provision is designed to facilitate better-informed decisions by consumers, leveraging the expertise of professionals across various fields.

Who Can Be a Trusted Adviser? Trusted advisers are individuals or businesses that belong to specific professional classes outlined in the CDR rules. These include:

• Qualified Accountants: As defined by the Corporations Act 2001.
• Legal Professionals: Those holding a current practicing certificate.
• Registered Tax Agents, BAS Agents, and Tax (Financial) Advisers: As specified in the Tax Agent Services Act 2009.
• Financial Counselling Agencies: Recognized under ASIC Corporations instruments.
• Financial Advisers: Relevant providers under the Corporations Act 2001, excluding provisional and limited-service time-share advisers.
• Mortgage Brokers: Defined under the National Consumer Credit Protection Act 2009. Businesses can also qualify as trusted advisers if they fall within these professional categories. For example, a tax agent service can be a partnership or a company registered as a tax agent.

Ensuring Trusted Adviser Status To maintain the integrity and security of the CDR system, accredited data recipients (ADRs) or CDR representatives must take reasonable steps to confirm the trusted adviser’s professional status. This can involve:

• Checking public registers, such as those for tax agents or legal professionals.
• Requesting proof of membership or a contractual warranty from the adviser. Verifying the adviser’s status regularly, ideally every 12 months. These measures ensure that data is shared only with verified professionals, maintaining consumer trust and compliance with CDR regulations.

Seeking Consumer Consent Consumer consent is paramount in the CDR framework. An ADR or CDR representative must obtain explicit consent from the consumer before sharing their data with a nominated trusted adviser. This consent process must be:

• Voluntary and Informed: Consumers should fully understand what they are consenting to.
• Specific and Time-Limited: The consent must clearly outline the purpose and duration.
• Easily Withdrawn: Consumers should have the ability to withdraw their consent effortlessly. These stipulations ensure that consumers remain in control of their data at all times.

Professional Obligations and Privacy While trusted advisers are not CDR participants and thus not directly subject to CDR privacy safeguards, they must adhere to their professional obligations and the Privacy Act 1988. This means they must handle the consumer’s data responsibly and ethically, providing a layer of protection through their professional conduct.

Fiskil's Support for Trusted Advisers At Fiskil, we understand the critical role of trusted advisers in the CDR ecosystem. Our API platform fully supports the integration and secure sharing of data with trusted advisers, ensuring compliance with all relevant regulations. By leveraging Fiskil’s robust solutions, businesses can facilitate seamless and secure data sharing, empowering consumers to make well-informed decisions with the help of their trusted advisers.