Dear <<First Name>>, 

Thank you for your continued interest in the Consumer Data Right.

Response to COVID-19

The ACCC is conscious of the impact that COVID-19 is having on businesses and consumers, including the financial services and FinTech industries, especially the need to allow financial institutions to work with their customers to respond to the economic impacts of the present crisis.

We also recognise that the Consumer Data Right is an essential development for the Australia’s future digital economy, and that digital channels are more important than ever in the current environment.

Following consultation with industry stakeholders, the ACCC is continuing to progress the Consumer Data Right for commencement of consumer data sharing in July 2020 while looking to provide some flexibility as authorised deposit-taking institutions (ADIs) and Initial Data Recipients respond to the physical and economic impacts of COVID-19.

Product Reference Data: temporary exemptions to delay 1 July obligations

Three-month exemptions have been granted to financial services providers required to share Product Reference Data by 1 July 2020, due to the impact of the COVID-19 pandemic. The temporary exemptions until 1 October will apply to non-major ADIs, including non-major banks, building societies and credit unions, and extend to non-primary brand products offered by the major banks.

Commencement of the obligations of major banks to share phase 3 Product Reference Data for their primary branded products will remain 1 July 2020. Our intention in making this decision is to create capacity to allow all banks to respond to the physical and economic impacts of COVID-19.

The exemptions have been made under s56GD of the Competition and Consumer Act 2010 (Cth). Further details of the exemptions will be published on the ACCC’s Consumer Data Right Exemptions Register in the near future.

ADIs who are in a position to commence sharing Product Reference Data earlier than 1 October 2020 can choose to provide data voluntarily at any time, as is currently the case, and are encouraged to do so.

Draft revised CDR Rules published for consultation

On 24 April 2020, the ACCC released a draft revised version of the Consumer Data Right Rules for consultation. The draft is available on the ACCC website at: ACCC consultation on proposed amendments to the Competition and Consumer (CDR) Rules 2020.

We are inviting submissions on the draft revised Rules until 8 May 2020.

The proposed amendments to the Rules include:

  • clarifications on the accounts in scope for consumer data sharing for banking data
  • new rules on the function of the Accreditation Register and Registrar
  • rules relating to the use of the CDR logo.

The proposed amendments are due to come into effect from July 2020.

The ACCC is also developing amendments that will address substantive policy issues such as use of intermediaries by accredited data recipients. Further details about those amendments will be announced at a later date.

Submissions for consultation on intermediaries published

We have now published to the ACCC website the submissions we received during our consultation on:

  • how the CDR rules should regulate intermediaries in the Consumer Data Right ecosystem, and
  • permitting the disclosure of CDR data from accredited persons to non-accredited third parties.

The submissions are available at: ACCC consultation on facilitating participation of intermediaries in the CDR regime.

Welcome to Daniel Ramos, new General Manager, Operational Delivery

We are delighted to announce the appointment of Daniel Ramos to the role of General Manager, Operational Delivery, Consumer Data Right.

Daniel joined the ACCC Consumer Data Right team on 6 April from Services Australia, where he led the transformation of digital customer experience for Services Australia. His most recent role was Acting National Manager, Technology Delivery & Solutions Branch. Daniel’s extensive technical background spans 20 years in software development, infrastructure, networking, security and automation. Daniel will be located in our Brisbane office.

In his new role, Daniel will be responsible for developing and running a number of technology solutions and managing operational processes to support the Consumer Data Right, including cyber security. Bruce Cooper will continue to be responsible for Consumer Data Right Policy, Engagement & Compliance.

Kind regards,

Paul Franklin

Executive General Manager

Consumer Data Right Division

Australian Competition and Consumer Commission (ACCC)