Consumer Data Right Register launches

Consumer watchdog has opened portal for banks and fintechs to register for accreditation to open up consumer data transparency and sharing

The Australian Competition and Consumer Commission (ACCC) has launched its Consumer Data Right Register today, after being pushed back a few months in February.

The register will allow businesses to apply to be recognised as Accredited Data Recipients. The ACCC said the register has two main functions: To create a trusted data environment where encrypted data is only shared between approved participants; and to provide a portal where businesses can apply to be accredited.

“This launch of this Consumer Data Right platform means businesses of all sizes can take the first steps towards being part of this crucial economic reform,” said ACCC commissioner, Sarah Court.

The ACCC is encouraging businesses to participate in the safe data regime, which will ultimately serve to create a protected system for consumers. “As more businesses become accredited over time, consumers will benefit from an increasing number of innovative services and a vastly improved experience that puts them in control of their data,” said Court.

The Consumer Data Right will give consumers the right to safely access their data held by businesses and direct it to be transferred to trusted third parties of their choice. The ACCC said sharing of banking data securely between major banks and initial accredited recipients will commence at the start of July this year.

The legislation was first announced in November 2016 in a bid to improve consumer data portability and transparency, and giving consumers greater control of their data. Banking is the first industry the framework is being applied to under the Open Banking regime. 

The Consumer Data Right plan, which received $44.6 million in the 2018 Federal Budget, followed a Productivity Commission inquiry in late 2016 that called for a revolution of the country’s data policy framework to give more control of information collected about them by businesses and governments.

When announcing the plan in 2018, ACCC chair, Rod Sims, said data portability increases competition and creates scope for more complex products and services.

“It creates scope for businesses to make more tailored offerings, including to innovate new or different products that better meet their needs,” he stated.

Follow CMO on Twitter: @CMOAustralia, take part in the CMO conversation on LinkedIn: CMO ANZ, follow our regular updates via CMO Australia's Linkedin company page, or join us on Facebook: https://www.facebook.com/CMOAustralia.


Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.
Show Comments

Latest Videos

Conversations over a cuppa with CMO: ABC's Leisa Bacon

In this episode of Conversations over a Cuppa with CMO, ABC's director of audiences, Leisa Bacon, shares how she's navigated the COVID-19 crisis, the milestones and adaptability it's ushered in, and what sustained lessons there are for marketers as we start to recover.

More Videos

Zero proof spiritsUsa since 2011 www.arkaybeverages.com🤪🤟

Sylvie

How this alcohol-free spirits brand rode the health and wellness wave

Read more

okay this a good newsmaybe i gonna try it

kenzopoker1

CMO's top 8 martech stories for the week - 9 July 2020

Read more

Very insightful. Executive leaders can let middle managers decide on the best course of action for the business and once these plans are ...

Abi TCA

CMOs: Let middle managers lead radical innovation

Read more

One failing brand tying up with another failing brand!

Realist

Binge and The Iconic launch Inactivewear clothing line

Read more

I am 56 years old and was diagnosed with Parkinson's disease after four years of decreasing mobility to the point of having family dress ...

Nancy Tunick

The personal digital approach that's helping Vision RT ride out the crisis

Read more

Blog Posts

MYOD Dataset: Building a DAM

In my first article in this MYOD [Make Your Organisation Data-Driven] series, I articulated a one-line approach to successfully injecting data into your organisation’s DNA: Using a Dataset -> Skillset -> Mindset framework. This will take your people and processes on a journey to data actualisation.

Kshira Saagar

Group director of data science, Global Fashion Group

Business quiet? Now is the time to review your owned assets

For businesses and advertiser categories currently experiencing a slowdown in consumer activity, now is the optimal time to get started on projects that have been of high importance, but low urgency.

Olia Krivtchoun

CX discipline leader, Spark Foundry

Bottoms up: Lockdown lessons for an inverted marketing world

The effects of the coronavirus slammed the brakes on retail sales in pubs, clubs and restaurants. Fever-Tree’s Australia GM Andy Gaunt explains what they have learnt from some tricky months of trading

Andy Gaunt

General manager, Fever-Tree Australia and New Zealand

Sign in