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Consumer data right rules now in place

  • February 06 2020
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Borrow

Consumer data right rules now in place

By Grace Ormsby
February 06 2020

The consumer data right rules have come into effect as of today, marking a milestone in the progress of Australia’s open banking regime.

Consumer data right rules

Consumer data right rules now in place

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  • February 06 2020
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The consumer data right rules have come into effect as of today, marking a milestone in the progress of Australia’s open banking regime.

Consumer data right rules

The Australian Competition and Consumer Commission (ACCC) has noted that in addition to legally requiring all four of Australia’s major banks to share product reference data with accredited data recipients, the new rules also give legislative force to consumer data sharing obligations in banking that will become mandatory from 1 July 2020.

Interest rates, fees and charges and eligibility criteria for banking products that include credit cards and mortgages all fall into the category of “product reference data”.

This product reference data “is vital for accredited data-receiving businesses to provide comparison services and potentially offer better deals to consumers”, according to ACCC commissioner Sarah Court.

She explained how “having the consumer data right rules in place means that from July this year, when consumers choose to direct their bank to share their data with another accredited data recipient, the banks must do so”.

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The making of the rules marks “a major milestone in delivering the consumer data right in banking”, Ms Court concluded.

This announcement comes after the consumer watchdog revealed that testing for the new open banking regime would not be completed by its original planned date of February. 

The Consumer Data Right Bill was passed through Parliament in August last year. 

Consumer data right rules now in place
Consumer data right rules
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About the author

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Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

About the author

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

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