The ACCC has made the Competition and Consumer (Consumer Data Right) Amendment Rules (No. 3) 2020 (the Amended Rules).
The Amended Rules and accompanying Explanatory Statement are available on the Federal Register of Legislation.
These changes intend to expand the Consumer Data Right Rules (Rules) to allow greater participation in Consumer Data Right, by:
- expanding the type of consumers who can use Consumer Data Right to include more business customers
- improving consumer experience through greater flexibility for participants’ business models.
From 1 November 2021, the major banks will enable business consumers to share their data with accredited data recipients.
These changes build on the amendments made to the Rules, which commenced on 2 October 2020, to allow accredited intermediaries to collect Consumer Data Right data on behalf of an accredited data recipient.
An infographic with a simplified overview of the Consumer Data Right implementation timetable, the Privacy Impact Assessment (PIA) for version 2 of the Rules and the ACCC’s response to the PIA can each be found below.