On 29 March 2019, the Australian Competition and Consumer Commission (ACCC) released the draft Competition and Consumer (Consumer Data) Rules 2019. The draft Rules provide guidance on the implementation of the Consumer Data Right (CDR) and how data can be requested.
The purpose of the CDR regime is to increase transparency in the banking sector by:
- enabling consumers to request and transfer CDR data that relates to them from businesses
- ensuring that businesses provide public access to information on products that they offer.
While the CDR regime commences in the banking sector, it is expected that consumers will ultimately have access to similar data rights across a range of other sectors including energy and telecommunications. Consumers can also expect increased competition in sectors where the CDR regime is introduced, with the regime expected to encourage businesses to be more innovative, price conscious and transparent about their products.
The ACCC is encouraging interested stakeholders to review the draft Rules and make submissions by 10 May 2019. A pilot of the CDR is scheduled to begin in July 2019.
For further analysis on the CDR, you can read our previous article Australia’s Consumer Data Right: Are we heading in the right direction?