Open banking (consumer data right) for non-major ADI’s

The ACCC is seeking views on a proposed revised timetable for the commencement of consumer data sharing by the non-major Authorised Deposit-Taking Institutions (ADIs) in the Consumer Data Right (CDR) regime. Background.

Consumer data sharing obligations in banking will become mandatory for the major banks on 1 July 2020.

Consumers’ mortgage and personal loan data will be able to be shared after 1 November 2020.

It is proposed that non-major ADI’s can voluntarily accept customers’ sharing requests from 1 February 2021 and that it will become mandatory for non-major ADI’s on 1 July 2021.

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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.

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