New Consumer Data Rules For Banking
The Australian Consumer Competition Commission (ACCC) has today announced new rules regarding the delivering of consumer data in banking.
Following the Treasurer’s consent, under the new rules (which come into effect 6 February), the national watchdog will require the four major banks to share product reference data with accredited data recipients.
It comes after the big four began voluntarily sharing product reference data from July last year.
Thew new rules will now make this process mandatory, with the Consumer Data Right programme designed to ‘give consumers the right to safely access data about them, held by businesses, and direct this information be transferred to trusted third parties of their choice’.
Alongside will be new legislative forces for consumer data-sharing obligations in banking that will become mandatory from 1 July 2020.
The new regulations present a key development in progressing the Consumer Data Right in banking.
ACCC Commissioner Sarah Court said that come July this year, ‘when consumers choose to direct their bank to share their data with another accredited data recipient, the banks must do so’.
‘The making of the Rules is a major milestone in delivering the Consumer Data Right in banking,’ said Ms Court.
According to the ACCC, product reference data includes information such as interest rates, fees and charges, and eligibility criteria for banking products like credit cards and mortgages.