The Australian Competition and Consumer Commission (ACCC) has published its draft rules for the looming Consumer Data Right regime and is seeking feedback from consumers, businesses, and community organisations on the new data regulatory framework.
The Consumer Data Right was announced by government as a budget measure in May 2018. It lets consumers get easy access to their banking data – such as transaction histories – and have it transferred to service providers of their choice.
The consultation process would help further shape the CDR rules, which will roll out first in the banking sector, and then across energy and telecommunications.
ACCC Commissioner Sarah Court acknowledged there were several matters that needed to be finalised before the CDR regime can start. However, she believes the consultation would still enable the continued development of the policy, so that a pilot scheme can be launched as expected in July.
“The draft rules for the Consumer Data Right allow companies working in the banking sector to begin planning and move towards the start of the consumer data right in banking, with some greater detail and guidance as to how it will work,” she said.
“We also know there are a number of privacy advocates, consumer organisations and others who will be very interested to see these draft rules, and we welcome views.”
“We are continuing to work through important issues, such as guidance for potential.”
According to the CDR draft rules, there are three ways to request CDR data: product data requests, consumer data requests made by CDR consumers, and consumer data requests made by an accredited person on behalf of CDR consumers.
The draft also outlines rules relating to privacy safeguards, in which the ACCC notes it is considering introducing rules authorising the disclosure, with consumer’s consent, of a consumer’s CDR data by an accredited person to another accredited person.
Rules concerning what minimum information security controls must in place to limit risk of inappropriate or unauthorised access to a CDR data environment have also been outlined in the draft.
The release of the draft rules come after Labor pledged earlier this week that it will move a number of amendments concerning the CDR legislation after the Economics Legislation Committee tabled a report giving the controversial bill the green light, despite widespread concerns about it.
The Economics Legislation Committee last week tabled its report on the Consumer Data Right (CDR) legislation, which gives consumers and businesses a right of access to specified data about them held by other businesses.
The report contained only one recommendation: that the bill should be passed by Parliament unamended.
There have been widespread concerns that government is rushing the consultation phase in order to pass the legislation before the May election,
The consultation period for the CDR draft rules is open until 10 May 2019.