SHARING IDEAS THAT DO GOOD

Brokers One Of New Beneficiaries of Open Banking Rule Changes

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The Government confirmed the proposed rule changes to the Open Banking regime this week with mortgage brokers being one of the early beneficiaries.

The rule changes are designed to make Open Banking data easier to access for a broader set of participants.

Mortgage brokers and financial advisers will now be able to operate under the newly created 'Trusted Advisor' role, allowing them to more readily access their customers' consented financial data to speed up the mortgage application process.

Minister Jane Hume said the new rules are "an important step in supporting the  development of a vibrant data economy that provides benefits to business and consumers".




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