Following a delay, the ACCC has formally released the Competition and Consumer (Consumer Data Right) Rules, a move which has been heralded as a “key development” in integrating CDR into banking.
In addition to legally requiring the four major banks to share product reference data with accredited recipients, the rules clarify the parameters of the new system and give “legislative force” to the obligations in banking that become mandatory from 1 July 2020, detailing the rights, responsibilities, and possible penalties for all parties involved.
The product reference data that will be made shareable through CDR includes information such as interest rates, fees and charges, and eligibility criteria for banking products like credit cards and mortgages.
“Product reference data is vital for accredited data receiving businesses to provide comparison services and potentially offer better deals to consumers,” said ACCC commissioner Sarah Court.
“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.
“The making of the Rules is a major milestone in delivering the Consumer Data Right in banking.”
More to come in the following days.
