Dear <<First Name>>,
In December 2019, we announced that the implementation timetable for the Consumer Data Right (CDR) has been adjusted so that consumer data sharing obligations for the four major banks will commence on 1 July 2020, and the obligations that were to commence in July will commence in November 2020.
These changes are reflected in the CDR Rules (the Rules) which were made on 4 February and commenced on 6 February.
Consultation on proposed revised timetable for non-major ADIs
The ACCC is seeking views from industry on our proposed revised timetable for the commencement of consumer data sharing by the non-major ADIs. The proposed timetable and additional information about the proposal is available at: Consumer data right (CDR).
Under the proposal, mandatory consumer data sharing obligations for non-major ADIs commence on 1 July 2021 for all product phases (that is, phase 1, 2 and 3 products).
We recognise that the proposal is ambitious and departs from the original timetable that gave non-major ADIs a 12 month delay for each stage of consumer data sharing compared to the major banks.
However, the proposal provides additional time until the commencement of mandatory consumer data sharing obligations, and also provides additional time for the commencement of direct to consumer data sharing. The ACCC is seeking industry’s views on whether the proposal is achievable.
Subject to the Treasurer’s approval, we intend to announce the revised timetable in the first quarter of 2020 and subsequently amend the Rules to reflect this.
We are also seeking feedback from non-major ADIs about whether they intend to commence consumer data sharing on a voluntary basis. To encourage early participation, non-major ADIs that are ready to share certain phases of CDR data early will be permitted to do so from 1 February 2021, subject to any testing and on-boarding requirements.
Feedback on the proposal can be provided via our consultation hub by Friday 21 February 2020.
New version of the CDR Register design released
On 3 February 2020, we published version 1.1 of the CDR Register design in readiness for implementation before the launch of the CDR in July 2020.
Changes included in version 1.1 help support industry use cases, while simplifying and maintaining the integrity of the CDR Register. All changes were made in consultation with industry, with priority given to important changes that did not adversely impact on timing for testing participants.
We do not anticipate any additional changes will be made to the CDR Register design before the launch of CDR, unless critical issues are identified by testing participants during the industry testing programme.
Kind regards,
Consumer Data Right Division
Australian Competition and Consumer Commission (ACCC)