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:
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?
Authors: Georgia Milne & Christopher Yong
Lyn Nicholson, General Counsel
T: +61 2 8083 0463
Dan Pearce, Partner
T: +61 3 9321 9840
Trent Taylor, Partner
T: +61 7 3135 0668
The information in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, we do not guarantee that the information in this publication is accurate at the date it is received or that it will continue to be accurate in the future. We are not responsible for the information of any source to which a link is provided or reference is made and exclude all liability in connection with use of these sources.
Published by Georgia Milne, Christopher Yong