Open banking momentum fizzles again with minister's departure
Stephen Jones had only just restored confidence in the Consumer Data Right ecosystem when he resigned. Now, a key February milestone is likely to be missed.
The recently revived momentum in open banking appears to have stalled following the resignation of Assistant Treasurer Stephen Jones, the minister responsible for overseeing the initiative. A key milestone expected within the next two weeks is now unlikely to be met.
Jones had sought to reinvigorate the Consumer Data Right (CDR) with a major “reset” in August, telling a CEDA forum the government would consult on changes to consent and operational rules that had proven too complex and inefficient.
He also ordered greater alignment between the CDR and the Data Standards Body and signalled an expansion of open banking into non-bank lending (NBL), which was scheduled to take effect by the end of February.
However, with Jones announcing his retirement two weeks ago, the NBL expansion is now unlikely to meet its implementation target.
