ACCAN submitted to the Treasury’s consultation on the final Open Banking Report and the proposed regulatory framework for the national Consumer Data Right, proposed by the Productivity Commission in its Data Availability and Use inquiry. The Consumer Data Right will oblige organisations to provide consumers with the data that is held about them in a machine-readable format.

As part of its response to the Productivity Commission’s inquiry, the Government announced that the Treasurer would lead the development of the Consumer Data Right, which will be developed first in the banking sector, and then in the energy and telecommunications sectors in late 2018.

ACCAN has an interest in the current consultation as the development of the CDR in banking and its rollout will influence the development and establishment of a right to consumer data more broadly, including in the telecommunications sector.

In its submission ACCAN broadly supports the proposed regulatory framework and multi-regulator model set out in the report. In addition, ACCAN supports the recommendations made by the Financial Rights Legal Centre in its submission, particularly the need for a review and modernisation of the Privacy Act and APPs, and a review of consent in the data age. The submission also comments on the need for transparency in security measures and risks, and the importance of clear data and accessibility standards.

Open Banking CDR_ACCAN Submission360.24 KB

Open Banking CDR_ACCAN Submission84.58 KB