The Australian Competition & Consumer Commission (ACCC) has delayed the implementation of the Consumer Data Right (CDR) by five months.
Originally pitched for a February deployment, the regulation will now not come into force until 1 July 2020. From July, consumers will be able order their major banks to share their credit and debit card, deposit account and transaction account data with accredited service providers.
Moving past this, after 1 November 2020, consumers’ mortgage and personal loan data will also be shareable.
The ACCC’s decision to alter the timeline were made to enable additional implementation work and testing to ensure security and privacy protections operate correctly.
Furthermore, the ACCC will conduct further consultation regarding any consequential changes to other phases of the regulation.
ACCC commissioner Sarah Court said, “The CDR is a complex but fundamental competition and consumer reform and we are committed to delivering it only after we are confident the system is resilient, user friendly and properly tested.
“Robust privacy protection and information security are core features of the CDR and establishing appropriate regulatory settings and IT infrastructure cannot be rushed.”
CDR will help consumers safely access and control data about them held by businesses and use it how they wish. Initially, the regulation is being released in the banking sector, however, it will later be rolled out sector-by-sector, with energy and telecommunications next in line.
To support the launch of the CDR, the ACCC has worked closely with the four big banks and nine selected entities.
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