The Morrison Government has made the decision that non‑major banks will be given an additional three months to implement joint account data sharing under the Consumer Data Right (CDR).
Minister for the Digital Economy, Senator Jane Hume said the CDR, gives consumers the ability to benefit from their own transaction data, is a major digital economic reform.
“Implementation of CDR in the banking sector has continued to progress, with consumers able to choose to securely share banking data with accredited third parties to access better value products and services. That is why, when non‑major banks informed me they needed more time to enable joint accounts to become part of the Consumer Data Right, I agreed to a short extension.”
An essential part of the success of the CDR is the inclusion of accounts held jointly by more than one person, such as home loans. By doing this, Australians will be able to use the CDR to find the best deal to finance one of their most important assets, their home.
To give non‑major banks the time they need, the commencement date for CDR obligations for joint accounts held by non‑major banks has been delayed by three months.
Non‑major banks will now be required to commence sharing of joint account data from 1 October 2022.
“This change in the commencement date will help ensure the ongoing success of the Consumer Data Right”, said Minister the Hon Jane Hume.
The Competition and Consumer Amendment (Consumer Data Right Measures No. 1) Regulations 2022 is registered on the Federal Register of Legislation.