Consumer Data Right to be introduced in Australia in 2018...

Consumer Data Right to be introduced in Australia in 2018

27/11/2017

http://www.kwm.com/en/au/knowledge/insights/consumer-data-right-australia-2018-20171127

Yesterday, the Australian Government announced that it will legislate a Consumer Data Right which will initially give consumers access to their banking, electricity, phone and internet transactions. The new legislation to be proposed in 2018 will require this information to be provided in a standard, comparable, easy-to-read digital format, that can be accessed quickly and simply by consumers and third parties.

The banking sector (also mentioned in yesterday’s announcement) has been grappling with the questions of what data should be made available in this way, to whom, the manner of delivery and the liability issues arising from the provision of banking data to third parties at the request of a customer. These issues are at the centre of the Treasurer’s review into Open Banking, which is due to report by the end of 2017.

Potential news on so many fronts, still flying under the radar any announcement/s out of left field will see a lift off in the sp!