The Consumer Data Right commenced on 1 July 2020. Initially, customers of the four major banks are able to request that their data from deposit and transaction accounts and credit and debit cards be shared with accredited third parties.
From 1 November 2020 data from home, investment and personal loans, and joint accounts will be capable of being shared.
Other authorised deposit-taking institutions will join the Consumer Data Right over the next year.
It is proposed that non-major ADI’s can voluntarily accept customers’ sharing requests from 1 February 2021 and that it will become mandatory for non-major ADI’s on 1 July 2021.
Providers and accredited recipients are listed here.
Businesses can apply to become Accredited Data Recipients at the Consumer Data Right Participant Portal.
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Author: David Jacobson
Principal, Bright Corporate Law
About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.