iTWire - ACCC extends Consumer Data Right
source link: https://www.itwire.com/technology-regulation/accc-extends-consumer-data-right.html
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Changes to the Consumer Data Right (CDR) rules will allow more businesses to share their banking data with accredited recipients.
Following consultations with stakeholders and government departments and agencies, the ACCC has amended the CDR rules to include more business customers, including partnerships.
CDR allows customers to share their banking data (there are plans to extend CDR to other areas such as energy) with authorised recipients to make it easier to shop around for services.
This helps provide a more level playing field, as it reduces the advantage that incumbent providers have from being able to access detailed data about the customer.
The new rules also aim to improve the customer experience and to accommodate a wider range of participants' business models.
The rules about non-individual customers come into effect on 1 November 2021 for ANZ, Commonwealth, NAB and Westpac, and to other institutions on 1 November 2022.
“This significant package of amendments is designed to encourage participation in the Consumer Data Right by expanding its benefits to more businesses, including companies and partnerships,” said ACCC Commissioner Sarah Court.
"The new rules also include provisions to improve the consumer experience and provide greater flexibility for participants’ business models.
“The new rules lay the foundation for the continued expansion of the Consumer Data Right in 2021, following the successful start of consumer data sharing in 2020.
“The rules will encourage increased participation in the Consumer Data Right, and new service offerings for consumers, while also ensuring that strong consumer protections continue to apply.”
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