New Consumer Data Right is a win for competition

passage of the Consumer Data Right legislation charts the way forward for a
more innovative and customer focussed banking industry that will deliver better
deals for Australians.

CEO of the
Australian Banking Association Anna Bligh said today’s passage of the Consumer
Data Right legislation through the Parliament would create the legal foundation
for Open Banking which will increase competition across the industry.

customers with the ability to use their data to drive a better deal on banking products
has the potential to dramatically increase competition and foster innovation
across the industry,” Ms Bligh said.

this legislation for the Consumer Data Right provides the foundation for these
reforms to be delivered.

“By the
end of August the industry expects the ACCC will issue the ‘lock-down’ version
of the Rules governing the system.

the passage of the legislation and the ACCC guidance on the rules, the
industry, together with regulators, will begin rigorous testing to ensure the
system is safe for Australian bank customers to use.

industry will continue to work with the government in the final stage of the
introduction of Open Banking to deliver a system which both increases
competition and ensures data is kept secure,” she said.

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