Banking & finance
Maintaining profits was a major consideration for the big four banks as they weighed whether to reduce mortgage rates in line with Reserve Bank of Australia cash rate cuts during 2019, the ACCC has found.
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.