Following the Treasurer’s consent, the Competition and Consumer (Consumer Data Right) Rules 2020 (the Rules) commenced on 6 February 2020. This is a key development in progressing the Consumer Data Right (CDR).
The Rules set the foundational framework for how the CDR operates in the banking sector. Under the Rules, the four major banks are required to share product reference data in a standardised format, facilitating better product comparisons.
From July 2020, the major banks must share certain consumer data, such as data relating to credit and debit cards, deposit accounts and transaction accounts, where directed by a consumer to do so. Consumer data relating to mortgage and personal loan data must be available to share from November 2020. Sharing consumer data is another key development for the CDR and will allow consumers to access more personalised and tailored goods and services.
In addition to developing these Rules under the Competition and Consumer Act 2010, the ACCC is responsible for accrediting data recipients, establishing and maintaining the Register, and enforcing compliance with the Rules.