Dear <<First Name>>, 

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

In December 2018, the Treasurer announced the sharing of banking data under the Government’s consumer data right would commence in February 2020. The ACCC draft CDR Rules, which were released on 2 September 2019, detail a phased roll-out of the sharing of consumer data and product reference data (PRD) across the whole of the banking sector over a two year period.

Unfortunately, it will not be possible to complete sufficient testing for a February 2020 launch. It is best to get the build of the system right and take steps to have confidence in its secure operation.

As a result, the implementation timetable will be adjusted so that the obligations for the four major banks to share consumer data will now commence on 1 July 2020, and those obligations that were to commence in July will be deferred to November 2020. Specifically:

  • major banks will be required to share consumer data relating to credit and debit cards, deposit accounts and transaction accounts from 1 July 2020
  • major banks will be required to share consumer data relating to mortgage and personal loan accounts from 1 November 2020.

Major banks will be obliged to share certain more complex data sets including relating to joint accounts, closed accounts, direct debits and scheduled payments from 1 November 2020.

Obligations to share PRD will remain unchanged. That is:

  • major banks will be required to share PRD for credit and debit cards, deposit accounts, transaction accounts, mortgage and personal loan accounts from 1 February 2020
  • non-major banks will be required to share PRD for credit and debit cards, deposit accounts and transaction accounts from 1 July 2020.

The ACCC will make the CDR Rules to reflect these changes in January 2020.

Further consideration will be given to the implementation timing for sharing of consumer data by the non-major banks and the on-boarding of additional accredited data recipients in the first quarter of 2020.

Entities other than the major banks, who choose to enter CDR early, for instance by becoming an accredited data recipient, will not be obliged to commence sharing consumer data prior to November 2020. Consequential changes may be required to the Rules as a result.

We will publish our final newsletter for 2019 in the coming days.

Kind regards,

Consumer Data Right Branch

Australian Competition and Consumer Commission (ACCC)