Consumer Data Right laws in place
The Australian Government has passed the Treasury Laws Amendment (Consumer Data Right) Act 2019. The legislation was originally tabled in February this year but did not pass ahead of the federal election.
As per the Explanatory Memorandum:
“The Consumer Data Right (CDR) provides individuals and businesses with a right to efficiently and conveniently access specified data in relation to them held by businesses. The CDR authorises secure access to this data by trusted and accredited third parties. The CDR requires businesses to provide public access to information on specified products they have on offer. CDR is designed to give customers more control over their information leading, for example, to more choice in where they take their business, or more convenience in managing their money and services.”
The CDR framework is already in operation within the big four banks through a pilot program that commenced in July this year.
The laws will be administered by the ACCC and the OAIC, depending on what aspect of the laws is relevant.
The passage of the law was an important part to the establishment of ‘Open Banking’ and all authorised deposit-taking institutions will be regulated under the regime.
For more information you should contact your privacy and data law expert as compliance will be important across all affected sectors.