Borrow
Open banking launch pushed back
Testing for the new open banking regime will not be completed by its original planned date of February, with the ACCC delaying the deadline for the big four to share consumer data to July.

Open banking launch pushed back
Testing for the new open banking regime will not be completed by its original planned date of February, with the ACCC delaying the deadline for the big four to share consumer data to July.

Banking is set to be the first sector to share information under the government’s recently introduced consumer data right (CDR) legislation.
The Australian Consumer and Competition Commission (ACCC) released its first draft rules for the regime in September, detailing a phased rollout of customer data sharing and product reference data across all banks over a two-year period.
But the consumer watchdog has warned that it will not be able to complete “sufficient” testing for a February launch.
As a result, the implementation timeline has been adjusted, with the four major banks now being obligated to share consumer data from 1 July, including information relating to credit and debit cards, deposit accounts and transaction accounts.
The big four’s prior July deadline to share customer data relating to mortgage and personal loan accounts has also been pushed back, now taking place from 1 November.
However, conditions around sharing product data have remained unchanged. The major banks will be required to share product reference data for credit and debit cards, deposit accounts, transaction accounts, mortgage and personal loan accounts from February.
The major institutions will also be obliged to share more complex data sets around joint accounts, closed accounts, direct debits and scheduled payments from November.
The non-major banks on the other hand will still be required to share product data for credit and debit cards, deposit accounts and transaction accounts from July.
The ACCC said it will update the CDR rules to reflect the changes. It has also promised further consideration to the timing of implementation by the non-major banks and the onboarding of additional accredited data recipients in the first quarter of 2020.
Entities other than the major banks, who choose to enter the scheme early by becoming an accredited data recipient, will not be obliged to commence sharing consumer data prior to November. But the regulator has suggested the deadline could change.

Banking
Westpac faces civil proceedings
The corporate regulator has commenced civil penalty proceedings against Westpac alleging the big four bank used misleading and unfair sales of consumer credit insurance. ...Read more

Banking
CBA to pay $7m penalty for overcharged interest
The Commonwealth Bank of Australia has been ordered to pay a $7 million penalty for charging an interest rate on business overdraft accounts that was substantially higher than what customers were advi...Read more

Banking
CBA taken to court over banking fees
ASIC has commenced civil penalty proceedings against the Commonwealth Bank of Australia, alleging that it charged clients millions in monthly fees when it was not entitled to do so. ...Read more

Banking
Big 4 bank offers $10m in grants to flood-affected customers
A big four bank has launched a $10 million Flood Support Fund to provide grants to customers and businesses in flood-affected areas. ...Read more

Banking
Guide to NSW flood financial aid: From the banks to insurers
The banks are offering customers affected by the NSW floods loan repayment deferrals, among other forms of financial aid, while the Insurance Council of Australia has declared a catastrophe for much o...Read more

Banking
APRA drops big 4 money laundering case
APRA has followed ASIC in closing its investigation into Westpac over the AUSTRAC scandal, which led to the largest corporate fine in Australian history. ...Read more

Banking
ASIC takes trading platforms to court
ASIC has launched civil penalty proceedings against CommSec and AUSIEX for “compliance failures” over a significant period of time. ...Read more

Banking
BOQ sets sights on big 4 banks with latest merger
The Bank of Queensland has announced that it will buy ME Bank for $1.3 billion in a bid to challenge the dominance of the big four banks. ...Read more

Home values up 30% (or are they); NFTs taking the world by storm, and why Keating thinks Aussies will be ‘poor’ in retirement
Listen now

Raging floods, the tech stock bubble and the ongoing SG debate
Listen now

Meet the Manager with Trilogy’s Philip Ryan: RBA rates and property price growth
Listen now

The continued property boom, ethical investing and engaging with your super fund
Listen now

Banking
Westpac faces civil proceedings
The corporate regulator has commenced civil penalty proceedings against Westpac alleging the big four bank used misleading and unfair sales of consumer credit insurance. ...Read more

Banking
CBA to pay $7m penalty for overcharged interest
The Commonwealth Bank of Australia has been ordered to pay a $7 million penalty for charging an interest rate on business overdraft accounts that was substantially higher than what customers were advi...Read more

Banking
CBA taken to court over banking fees
ASIC has commenced civil penalty proceedings against the Commonwealth Bank of Australia, alleging that it charged clients millions in monthly fees when it was not entitled to do so. ...Read more

Banking
Big 4 bank offers $10m in grants to flood-affected customers
A big four bank has launched a $10 million Flood Support Fund to provide grants to customers and businesses in flood-affected areas. ...Read more

Banking
Guide to NSW flood financial aid: From the banks to insurers
The banks are offering customers affected by the NSW floods loan repayment deferrals, among other forms of financial aid, while the Insurance Council of Australia has declared a catastrophe for much o...Read more

Banking
APRA drops big 4 money laundering case
APRA has followed ASIC in closing its investigation into Westpac over the AUSTRAC scandal, which led to the largest corporate fine in Australian history. ...Read more

Banking
ASIC takes trading platforms to court
ASIC has launched civil penalty proceedings against CommSec and AUSIEX for “compliance failures” over a significant period of time. ...Read more

Banking
BOQ sets sights on big 4 banks with latest merger
The Bank of Queensland has announced that it will buy ME Bank for $1.3 billion in a bid to challenge the dominance of the big four banks. ...Read more