The ACCC has announced an update on the timeline for the implementation and launch of the Consumer Data Right (CDR) for open banking, deferring the launch of certain aspects from February 2020 to July 2020. Background.
Consumers will be able to direct major banks to share their credit and debit cards, deposit account and transaction account data with accredited service providers from 1 July 2020.
Consumers’ mortgage and personal loan data will be able to be shared after 1 November 2020.
The ACCC will make the CDR Rules in January 2020 that reflect this adjustment to the timetable and will conduct further consultation regarding any consequential changes to other phases of the CDR.
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Author: David Jacobson
Principal, Bright Corporate Law
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.