Exemptions deferring direct-to-consumer obligations for initial data holders

Trader

Australia and New Zealand Banking Group (ANZ), Commonwealth Bank of Australia (CBA), National Australia Bank (NAB) and Westpac Banking Corporation (Westpac)

Summary

On 4 June 2020 the Australian Competition and Consumer Commission (ACCC) granted exemptions under section 56GD of the Competition and Consumer Act 2010 (Cth) to each initial data holder, deferring the scheduled commencement date of their direct-to-consumer obligations, until 1 November 2021. Similar exemptions have been issued to each non-major ADI.

The ACCC granted the exemptions in response to feedback from consultation conducted in February 2020, and having regard to the continuing impact of COVID-19.