Dear <<First Name>>,
As we approach the launch of the Consumer Data Right in July the ACCC has today issued several exemptions under s56GD of the Competition and Consumer Act 2010.
Importantly, the exemptions confirm the implementation timeframes for non-major authorised deposit-taking institutions (ADIs).
In light of industry feedback to a recent consultation, and having regard to the impact of COVID-19, the ACCC has exempted non-major ADIs from their consumer data sharing obligations until 1 July 2021 (Phase 1) and 1 November 2021 (Phase 2).
This reinstates the previous 12-month gap between mandatory compliance dates for major and non-major banks.
The ACCC believes this exemption will allow non-major ADIs adequate time to build and test their systems before they must start sharing data. This exemption also applies to the non-primary brands of the major banks. ADIs that wish to commence data sharing at an earlier date on a voluntary basis will be able to do so.
The ACCC has also exempted both major banks and non-major ADIs from their direct-to-consumer data sharing obligations until 1 November 2021 and deferred reciprocal data holder obligations until 1 March 2021 (Phase 1) and 1 July 2021 (Phase 2).
The ACCC is continuing to work towards sharing of live consumer data by major banks from 1 July 2020. The Consumer Data Right remains an essential reform for Australia’s future digital economy, which will be important for our financial recovery following the COVID-19 crisis.
Kind regards,
Paul Franklin
Executive General Manager
Consumer Data Right Division
Australian Competition and Consumer Commission (ACCC)