ACCC publishes draft Consumer Data Right rules
The ACCC has published the draft rules for the new Consumer Data Right as it will apply to the banking sector.
The regulator is seeking feedback from businesses, consumers and other stakeholders on the rules, which have been designed to give consumers greater control over their personal data.
The ACCC revealed in July last year that it plans to apply the Consumer Data Right to the banking sector first, in line with the recommendations of the recent Open Banking Review.
Once introduced, the new rules will require companies to allow consumers to easily obtain access to their banking data and have it transferred to other trusted service providers. This is expected to encourage competition in the banking and other sectors they are applied to.
Under the draft rules for the banking sector, consumers will be able to request a data holder disclose a range of data that relates to them via a dedicated online service provided by the data holder. The data will then be disclosed in a human-readable form to the consumer making the request.
Consumers will also be able to request that an accredited person make a request for disclosure on their behalf. These may include providers of financial or budgeting advice, or price comparison providers.
“The draft rules for the Consumer Data Right allow companies working in the banking sector to begin planning and move towards the start of the consumer data right in banking, with some greater detail and guidance as to how it will work,” ACCC Commissioner Sarah Court said.
“We also know there are a number of privacy advocates, consumer organisations and others who will be very interested to see these draft rules, and we welcome views. We are continuing to work through important issues, such as guidance for potential data recipients on the requirements for accreditation and the operation of a pilot that is scheduled to begin in July 2019.”
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