Address at the 32nd Annual Credit Law Conference
Mr Peter Crone, ACCC Commissioner, spoke at the 32nd Annual Credit Law Conference on 13 October about the Consumer Data Right.
Banking & finance
Optus data breach: Information for APRA-regulated entities applying for access under the Telecommunications Regulations 2021
The ACCC is working with the Federal Government, regulators and other relevant organisations to facilitate closer coordination of data sharing between Optus and Australian Prudential Regulation Authority-regulated entities. This work facilitates data sharing pursuant to the Telecommunications Regulations 2021, which is intended to provide greater protection to Australians following the recent Optus data breach.
ACCC focused on competition issues with shift to digital payments
Competition in payments markets, investigating allegations of anti-competitive conduct, and protecting the interests of consumers will be the focus of the ACCC’s financial services enforcement and policy work over the next year, ACCC Chair Gina Cass-Gottlieb said in a speech to the Australian Financial Review Banking Summit today.
“Payment systems, services and competitors are rapidly evolving,” Ms Cass-Gottlieb said.
Mastercard in court for alleged misuse of market power over card payments
The ACCC has instituted proceedings in the Federal Court against Mastercard Asia/Pacific Pte Ltd and Mastercard Asia/Pacific (Australia) Pty Ltd (together, Mastercard), for allegedly engaging in conduct with the purpose of substantially lessening competition in the supply of debit card acceptance services.
Mastercard’s alleged anti-competitive conduct commenced in late 2017 in the context of the Reserve Bank of Australia’s least cost routing initiative.
NAB's proposed acquisition of Citi's Australian consumer business not opposed
The ACCC will not oppose the proposed acquisition of Citigroup Australia Pty Limited’s Australian consumer business (Citi) by National Australia Bank Limited (ASX: NAB) after a review found the transaction would not substantially lessen competition.
NAB and Citi overlap in the supply of consumer banking products and services, including credit cards, personal loans, wealth management and investment products, transaction and savings accounts and home loans in Australia.
Banks' COVID-19 relief program authorised to continue
The ACCC has granted interim authorisation to allow the Australian Banking Association (ABA) and banks to continue to work together on a variety of existing COVID-19 related relief packages, so they can respond to any further outbreaks as required.
Money remitters improve price transparency after ACCC inquiry
The majority of money remitters reviewed by the ACCC are now giving consumers the tools they need to easily compare the total price of international money transfers.
CDR Trade Mark Licence Agreement
The Consumer Data Right (CDR) Trade Mark is intended to be a symbol of trust in the CDR ecosystem. The ACCC encourages all CDR Participants to use the CDR Trade Mark in the consent and authorisation processes offered to consumers.
Compliance guidance for data holders
The Competition and Consumer Act 2010, CDR Rules and Standards impose a range of requirements that data holders, accredited data recipients and intermediaries need to comply with. The compliance guides are designed to assist data holders to understand and comply with their obligations.
Visa undertakes to address competition concerns over debit card payments
The ACCC has accepted a court-enforceable undertaking from Visa AP (Australia) Pty Ltd and Visa Worldwide Pte Limited (together, Visa) in relation to concerns that Visa may have limited competition in relation to debit card acceptance through its dealings with large merchants.