Banking & finance

CDR interagency FAQs

The ACCC has compiled a series of frequently asked questions and answers (FAQs) about consumer data right (CDR). These FAQs provide guidance to government, industry and consumers. The FAQs may be amended from time to time to address new developments as CDR is implemented in banking.  

Commencement of CDR Rules

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.