ACCC Seeks Views On Consumer Data Rules
The ACCC is progressing its Consumer Data Right (CDR) framework, which aims to assist customers by making their banks share their data with accredited service providers such as a comparison site or another bank to get more tailored, competitive services.
The CDR was announced by the Federal Government in May this year while the ACCC has been tasked with taking the lead in rule-making, consumer education and enforcement.
The ACCC is currently seeking consumer, business and community feedback on the approach to take in setting up the rules for the CDR.
“It is important to the success of the Consumer Data Right regime that consumers, businesses and stakeholders have transparency over the ACCC’s approach in setting up these detailed rules,” ACCC Commissioner Sarah Court said.
“The overarching principle the ACCC will take is to implement the Consumer Data Right in a way that provides benefits to consumers, without compromising data security.
“The Consumer Data Right will be a major change in the way consumers can use their data and consulting the views of consumers and businesses is a top priority for the ACCC,” she added.
The current Rules Framework has a banking focus as the banking sector will be the first available to consumers. The Government plans to include the energy and telecommunications sectors next.
“We are working toward developing frameworks tailored to specific industries as they are designated and added to the Consumer Data Right regime,” Ms Court said.
The ACCC is holding a number of stakeholder forums for more input on the Rules Framework. More information on locations and dates is available at ACCC consultation on Rules Framework.