Consumer data right CDR Rules (banking)

The ACCC has published the final version of the proposed Competition and Consumer (Consumer Data Right) Rules 2019 that it is submitting to the Treasurer for consent.

UPDATE February 2020: Competition and Consumer (Consumer Data Right) Rules 2020 registered on 5 February 2020.

UPDATE June 2020: Competition and Consumer (Consumer Data Right) Amendment Rules (No. 1) 2020 amends the CDR Rules to clarify the intended operation of particular rules and to ensure appropriate alignment of rules with the technical data standards prior to the commencement of consumer data sharing on 1 July 2020.

Amended Competition and Consumer (Consumer Data Right) Rules 2020

These rules cover the foundational rules required to implement the Consumer Data Right in banking.

The objective of the CDR is to provide consumers with the ability to efficiently and conveniently access specified data held about them by businesses (data holders) and to authorise the secure disclosure of that data to third parties (accredited data recipients) or to themselves.

The CDR also requires businesses to provide public access to information on specified products that they offer. The right is designed to give consumers more control over their data, leading, for example, to more choice in where they take their business and more convenience in managing their services.

The CDR regime will operate in addition to existing data sharing arrangements and practices. In the banking sector, the CDR operates in addition to the mechanisms by which banks currently provide information to their customers, such as through bank statements that are available online, for download. The CDR also does not prevent alternative data sharing arrangements that are used by consumers to access goods or services.

The three types of CDR data requests that can be made under the rules are:
a. product data requests made by any person
b. consumer data requests made by CDR consumers
c. consumer data requests made on behalf of CDR consumers by accredited data recipients.

Product data is data for which there are no CDR consumers while consumer data relates to an identifiable, or reasonably identifiable, CDR consumer.

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.

David Jacobson

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.

Print Friendly, PDF & Email

Your Compliance Support Plan

We understand you need a cost-effective way to keep up to date with regulatory changes. Talk to us about our fixed price plans.