In the second half of 2019, Australia has taken signiﬁcant steps towards establishing a consumer data right (CDR) regime and implementing it in the banking sector (Open Banking). The Government has also stated that it is committed to extending the CDR regime to the energy and telecommunications sectors, before it is rolled out economy wide.
This publication takes a deep dive into Open Banking. We look at:
- the legal and regulatory framework;
- what data is captured by Open Banking and how that data is shared;
- the obligations for Data Holders and Accredited Persons under Open Banking and the civil penalties associated with non-compliance;
- key implementation deadlines; and
- how the Privacy Safeguards compare to the Australian Privacy Principles.