1 August 2019
Today’s passage of the Consumer Data Right legislation charts the way forward for a more innovative and customer focussed banking industry that will deliver better deals for Australians.
CEO of the Australian Banking Association Anna Bligh said today’s passage of the Consumer Data Right legislation through the Parliament would create the legal foundation for Open Banking which will increase competition across the industry.
“Empowering customers with the ability to use their data to drive a better deal on banking products has the potential to dramatically increase competition and foster innovation across the industry,” Ms Bligh said.
“Passing this legislation for the Consumer Data Right provides the foundation for these reforms to be delivered.
“By the end of August the industry expects the ACCC will issue the ‘lock-down’ version of the Rules governing the system.
“Following the passage of the legislation and the ACCC guidance on the rules, the industry, together with regulators, will begin rigorous testing to ensure the system is safe for Australian bank customers to use.
“The industry will continue to work with the government in the final stage of the introduction of Open Banking to deliver a system which both increases competition and ensures data is kept secure,” she said.
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“The Australian Banking Association (ABA) welcomes the agreement reached today on the proposed safeguard mechanism reforms, given it paves the way for the passing of a critical piece of legislation for Australia.
“This is about engaging with the entire banking ecosystem in order to ensure the accessibility of the sector’s services are best serving our diverse community now, and into the future.”
“What is underpinning this bank failure is a number of things, but not least of all, it’s a very niche bank with high exposure to one part of the economy. And that’s the part of the economy that’s been quite volatile and troubled”