The ACCC has announced that HSBC Bank Australia Limited (HSBC) has paid penalties totalling $33,000 after the ACCC issued it with two infringement notices for alleged contraventions of the Consumer Data Right (CDR) rules.
The infringement notices related to alleged failures by HSBC to disclose complete mortgage interest rate details and accurate credit card balances in response to separate requests for this data made via the CDR.
The ACCC investigated allegations that, from at least 20 February 2023 to 25 April 2023, HSBC failed to accurately disclose its fixed rate home loan interest rates, requested via the CDR. Some of the product data HSBC disclosed for its fixed rate home loan products did not include the corresponding featured interest rates advertised on its website.
The ACCC also investigated allegations that, from at least 9 January 2023 to 27 May 2023, HSBC failed to accurately disclose credit card account balance data after receiving consumer data requests.
ACCC Compliance guidance for data holders
If you found this article helpful, then subscribe to our news emails to keep up to date and look at our video courses for in-depth training. Use the search box at the top right of this page or the categories list on the right hand side of this page to check for other articles on the same or related matters.
Author: David Jacobson
Principal, Bright Corporate Law
Email:
About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
