Consumer data right

Consumer Data Right draft rules out

The ACCC today published the draft rules for the Consumer Data Right (CDR) and is seeking feedback from consumers, businesses and community organisations.

The CDR will allow consumers to easily obtain access to their banking data and have it transferred to service providers who they trust.

This might, for example, be comparator or switching services, or providers of financial or budgeting advice. While commencing in the banking sector, it will eventually apply across a range of sectors.

Consumer Data Right advances with Rules Outline released

The Rules Outline for the new Consumer Data Right (CDR) has been made available today, and sets out the ACCC’s position on what should be included in the rules that will govern the CDR.

“This is an important step towards making the Consumer Data Right a reality. The Consumer Data Right will initially apply to banking data, giving consumers and small businesses the choice to securely share data with trusted third parties,” ACCC Commissioner Sarah Court said.

Data economy drives dynamic changes

ACCC Chair Rod Sims discussed the local and global issues in regulating the data economy in a speech delivered in Sydney today.

Mr Sims examined the difficulty regulators face in determining the competition impacts when dynamic data companies merge, consumer issues and how the ACCC is well placed to take enforcement action in relation to data issues.

“One of the key challenges with merger cases in digital markets is predicting the likelihood of future competition between the target and the acquirer,” Mr Sims said.

Consumers' right to their own data is on its way

The consumer data right (CDR), which will enable customers to safely share their data with trusted service providers is a fundamental competition and consumer reform, ACCC Chair Rod Sims said in a speech at the Consumer Policy Research Centre’s Consumer Data Conference in Melbourne today.

The ACCC will have the lead role in turning the concept of a consumer data right into a reality, including rule-making, consumer education and, eventually, enforcement.

“The consumer data right is essentially a data portability right,” Mr Sims said.