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 of the authorised deposit-taking institutions (ADIs) listed in Appendix A, delaying the scheduled commencement dates of their consumer data sharing obligations and direct-to-consumer obligations.
The temporary exemptions will apply to each listed ADI, including non-major banks, building societies and credit unions, and to each of the major banks in relation to their non-primary brand products. The exemptions defer the mandatory compliance dates for consumer data sharing obligations to 1 July 2021 (Phase 1 products) and 1 November 2021 (Phase 2 products). The exemptions also defer direct-to-consumer obligations to 1 November 2021.
The ACCC granted the exemptions in response to feedback during a consultation process conducted in February 2020, and having regard to the continuing impact of COVID-19.