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.

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.

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