The bill for the long-awaited consumer data rights (CDR) regime was reintroduced to the Australian Government this week after it lapsed due to the elections held earlier this year.
Initially, the bill was introduced into Parliament in the winter/spring list, and the first stage of the regime is already in play, with three of the four major banks having implemented greater transparency around terms and conditions.
An official announcement from the Government indicated the Australian Competition and Consumer Commission (ACCC) will establish the final version of the rules next month, and there has been an implementation of the draft standards, first published in March of this year.
According to the competition regulator, the CDR is a ‘game changer’ when it comes to improving the kind of competition that will ultimately improve consumer outcomes.
“The draft rules for the Consumer Data Right regime allows companies working in the banking sector to begin planning and moving towards the start of consumer data rights in banking, with some greater detail and guidance as to how it will work,” ACCC Commissioner Sarah Court said, at the release of the draft rules.