Australia’s competition watchdog has published the framework governing the consumer data right, which includes rules around the sharing of interest rates, fees, and charges and eligibility criteria for banking products.
The Australian Competition and Consumer Commission (ACCC) has formally published the Competition and Consumer (Consumer Data Right) Rules.
The rules legally require the big four banks to share product reference data with accredited data recipients while also “giving legislative force” to consumer data sharing obligations in banking that become mandatory from July 1, 2020.
The product reference data shared by institutions under the framework would include information regarding interest rates, fees, and charges and eligibility criteria for products like credit cards and mortgages.
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