The Federal Government says reforms to give consumers greater access to their data will be extended to general insurance in the next phase of the program.

The Consumer Data Right, which has been introduced in banking and energy, is being expanded to telecommunications currently and will then be extended to Open Finance.

Superannuation, Financial Services and the Digital Economy Minister Jane Hume and Communications Minister Paul Fletcher say the expansion will allow consumers to compare and save across a greater range of products, including general insurance, superannuation, merchant acquiring and non-bank lending service providers.

Combining datasets could also provide consumers with a more holistic picture of their financial circumstances, they say.

The decision to move ahead on Open Finance follows a review last year. Roundtables and bilateral meetings were held with groups including the Insurance Council of Australia and some 40 submissions were received in response to a strategic assessment paper.

The Government says it will shortly start consultations with industry and government stakeholders on the rules to apply to telecommunications and to ensure “Open Finance delivers the best outcomes for consumers and encourages innovation”.

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