Banking & finance

CDR Participant Test Strategy

The ACCC has released the Consumer Data Right Participant Test Strategy for the banking sector. A critical element of the Consumer Data Right is the successful operation of participants’ technology solutions. This Test Strategy outlines the ACCC’s testing approach for new participants prior to on-boarding, and for existing participants to prepare for future releases and ensure continuous integrity and operation of the ecosystem.

Home loan borrowers missing out on significant savings by not switching

Many Australians with older home loans continue to pay significantly higher interest rates than borrowers with newer home loans, potentially costing them many thousands of dollars over time, the ACCC has found in a report published today.

The final report of the ACCC’s Home loan price inquiry highlights that many borrowers could save money by seeking a lower rate from their existing lender or switching to a new lender.

On-boarding guide

The ACCC has published the on-boarding guide. The guide is for participants to navigate the Consumer Data Right on-boarding process, once they have been accredited (data recipient) or registered (data holder).

ACCC makes Accredited Intermediary Rules

The ACCC has made amendments to the Consumer Data Right Rules. These amendments permit the use of accredited intermediaries to collect data, through an expansion of the rules relating to outsourced service providers. The amendments expand the Consumer Data Right system by allowing for accredited businesses to rely on other accredited businesses to collect Consumer Data Right data on their behalf, so they can provide goods and services to consumers.

Memorandum of Understanding with the Office of the Australian Information Commissioner

On 30 July 2020 the Australian Competition and Consumer Commission (ACCC) entered into a Memorandum of Understanding (MoU) with the Office of the Australian Information Commissioner (OAIC) relating to the performance of their respective roles in regulating the Consumer Data Right system. The purpose of the MoU is to: