Receives ACCC approval.
Westpac Bank ACCC has approved Westpac as an Accredited Data Recipient under the Consumer Data Right.
The Australian Government introduced Consumer Data Right (CDR) in Australia. CDR will give consumers greater access to and control over their data and will improve consumers’ ability to compare and switch between products and services. It will encourage competition between service providers, leading not only to better prices for customers but also more innovative products and services.
CDR will first apply to the banking sector, followed by the energy sector. The telecommunications sector is currently proposed to follow. The current implementation timetable for banking is available at: Commencement of CDR Rules.
The Federal Treasury is the lead agency for the CDR, and in addition to responsibility for the overall program is accountable for the development of rules to implement the CDR, and for advice to government on which sectors the CDR should apply to in future. Senator Jane Hume, Minister for Superannuation, Financial Services and the Digital Economy became the CDR rule-maker from 28 February 2021.
The ACCC has a number of roles under CDR including:
- accrediting potential data recipients
- establishing and maintaining a Register of Accredited Persons and Data Holders
- monitoring compliance and taking enforcement action where necessary (under a co-regulatory model with the Office of the Australian Information Commissioner (OAIC))
- providing guidance to stakeholders about their rights and obligations under the CDR as they relate to the ACCC’s role in the CDR ecosystem.
The Data Standards Body (DSB(link is external)) within Treasury is responsible for the creation of the technical standards for the sharing of consumer data. The current version of the standards is available at: Consumer Data Standards(link is external).
The OAIC is the primary complaints handler under the CDR scheme. The OAIC has a range of investigative and enforcement powers to handle privacy complaints and carry out other regulatory activities with respect to privacy.
Chris de Bruin, Chief Executive, Consumer & Business Banking, Westpac Group said it supports the increased competition and innovation from Open Banking, which allows consumers to securely share selected banking data with trusted third parties.
“We have worked hard alongside the Federal Government and regulators as the Consumer Data Right has evolved for the banking sector, and will continue to focus on ensuring our customers understand how they can benefit from Open Banking as we develop use cases that customers can leverage,” he said.