Consumer data right

Consumer Data Right accreditation open to fintechs and banks

The ACCC’s launch of the Consumer Data Right Register and Accreditation Application Platform (RAAP) and the Consumer Data Right Participant Portal today will enable businesses to apply to become Accredited Data Recipients. 

This marks a significant development in the delivery of the Consumer Data Right because the RAAP is the IT backbone of the Consumer Data Right.

Consumer Data Right Compliance and Enforcement Policy released

The ACCC and the Office of the Australian Information Commissioner (OAIC) today jointly released the Compliance and Enforcement Policy for the Consumer Data Right.

The Policy outlines the approach that the ACCC and the OAIC have adopted to encourage compliance with, and address breaches of, the Consumer Data Right regulatory framework. The Policy has been developed following consultation with current and future data holders and recipients.

Temporary exemptions under Consumer Data Right

Three-month exemptions have been granted to financial services providers required to share product reference data by 1 July 2020, due to the impact of the COVID-19 pandemic.

The temporary exemptions under the Consumer Data Right, until 1 October, will apply to non-major ADIs, including non-major banks, building societies and credit unions, and extend to non-primary brand products offered by the major banks.

The major banks have been sharing product reference data since July 2019.

Consumer Data Right Rules made by ACCC

The ACCC has formally made the Competition and Consumer (Consumer Data Right) Rules, which is a key development in progressing the Consumer Data Right in banking.

In addition to legally requiring the four major banks to share product reference data with accredited data recipients, the Rules also give legislative force to consumer data sharing obligations in banking that become mandatory from 1 July 2020.

Product reference data includes information such as interest rates, fees and charges, and eligibility criteria for banking products like credit cards and mortgages.

Consumer Data Right timeline update

The ACCC has announced an update on the timeline for the implementation and launch of the Consumer Data Right (CDR) in the banking sector, deferring the launch of certain aspects from February to July 2020.

Consumers will be able to direct major banks to share their credit and debit card, deposit account and transaction account data with accredited service providers from 1 July 2020. Consumers’ mortgage and personal loan data will be able to be shared after 1 November 2020.

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.