CDR implementation planning (banking)

Overview

The ACCC is seeking to better understand the number of stakeholders interested in being accredited under the Consumer Data Right (CDR) regime, including intended timing. This information will assist us in planning the implementation of CDR in the banking sector.

If you are likely to seek to become an accredited data recipient, or are an authorised deposit-taking institution (ADI) who will be a data holder, we are interested to hear from you.

We will conduct a pilot program prior to CDR commencement. More information, including how to express interest in the pilot, will be provided in a future update.

The CDR is a competition and consumer reform announced by the Australian Government in May 2018. The CDR will allow consumers to require a company (e.g. their bank) to share their data with another accredited service provider (e.g. a comparison site), in order to get more tailored, competitive services. The ACCC has been delegated the lead role in rule-making, consumer education and enforcement.

The banking sector is the first CDR sector to be designated. More information is available at: Consumer data right