22 July 2019
The announcement today by the Government of the introduction of legislation for the Consumer Data Right is an important step to making the Open Banking reforms a reality for Australian bank customers.
Open Banking will allow customers, at their request, to share their personal information with accredited institutions, including other banks, to allow them to find a better deal on their banking products. The Open Banking regime will begin next year for the four major banks, with other Australian banks to join the system following this.
Executive Director of Policy for the Australian Banking Association Christine Cupitt said the legislation was a critical step to ensure the reforms moved forward and ensured that the system was safe and secure for Australians to use when launched next year.
“Open Banking will be a win for customers, increasing competition and making it easier to get the best deal possible from their bank,” Ms Cupitt said.
“Giving customers greater access to their data will make it easier and simpler to shop around for a better deal on a credit card, followed by home loans and other banking products.
“Thorough testing of this regime is vitally important to the success of this reform and to ensure Australians trust and use it.
“Passing this legislation is an important step to setting up a safe and secure system,” she said.
ENDS
Contact:
Rory Grant 0475 741 007
Latest news
Banks are continuing to play their part to protect Australians from scams, as the industry welcomes a new report showing scam losses fell by 13 per cent last year. The Australian Banking Association acknowledges the release today of the 2023 Targeting Scams Report by the National Anti-Scam Centre. Whilst there was an 18.5 per… Read more »
Tom Connell Those people with a home loan who have had a fixed rate are getting a shock as they come off that fixed rate. Often as low as two percent and onto the new variable rate that can be as high as six or even seven percent. So how is that affecting people out… Read more »
Australians facing difficult financial decisions are being reminded to get in touch with their bank and get the support they need to keep repayments on track. The Australian Banking Association (ABA) is extending its ‘don’t tough it out on your own’ campaign which was launched last year, with a further round of advertisements to run… Read more »