Consumer Credit
ACCC misses opportunity to fine-tune open banking rules By Richard Atkinson*
Richard Atkinson
22
The Australian Competition and Consumer Commission has recently published its third set of amendments of the Consumer Data Right (CDR) Rules which are required to underpin Australia’s emerging open banking system. The amendments follow the release of a Consultation Paper by the ACCC in October 2020, where feedback was requested on the following proposed Rules changes: z Introduce new accreditation levels: creating new pathways for service providers to become accredited data recipients. Proposals for new levels (‘tiers’) of accreditation are intended to lower barriers to entry and reduce compliance costs for service providers that do not require unrestricted access to CDR data. They also recognise that supply chains for data services regularly involve multiple service providers, and that CDR participants can appropriately manage risk and liability through commercial arrangements. z Provide greater choices for consumers about who they share their data with: permitting accredited data recipients to disclose CDR data with a
CREDIT MANAGEMENT IN AUSTRALIA • January 2021
consumer’s consent to third parties, including to their trusted professional advisors (such as accountants, tax agents and lawyers), and any third party on a limited ‘insights’ basis. z Increase consumer benefit: allowing business and corporate consumers to access their CDR data, and adding flexibility and functionality to improve consumer experience in relation to the management of consumer consents to collect and use CDR data, joint bank accounts and accounts that have additional card holders. The latest Rules amendments have addressed the Increase consumer benefit component, and illion is strongly supportive of these changes. illion is concerned, however, that the amendments do not address the Introduction of new accreditation levels or the Provision of greater choices for customers about who they share their data with. illion has made several submissions to the ACCC’s CDR Rules drafting process, and has long advocated for a system that makes it easy for individuals to securely share their data while providing
