Consumer Data Right and Open Banking

The Consumer Data Right (Authorised Deposit-Taking Institutions) Designation 2019 has been registered. Background. It is the next step towards Open Banking.

The Treasury Laws Amendment (Consumer Data Right) Act 2019 amended the Competition and Consumer Act 2010 to establish a consumer data right.

The purpose of the Consumer Data Right (Authorised Deposit‑Taking Institutions) Designation 2019 is to designate the banking sector as subject to the consumer data right.

The banking data specified as information by this designation is customer provided data, data about the use of banking products, and data about banking products.

Data holders may be required to disclose CDR data in accordance with the consumer data rules. The rules may also authorise data holders to choose to share this data through the consumer data right.

The Government has also introduced the Treasury Laws Amendment (2019 Measures No. 2) Bill 2019 to create a requirement that consumer data rules include an obligation on accredited data recipients to delete CDR data in response to a request from a CDR consumer for that CDR data.

UPDATE 28 October 2019: the Bill has been passed and given Royal Assent.

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