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ACCC chases lenders behind on open banking schedule

The competition watchdog has watched all banks who have not kept up with its open banking roll out, warning of potential enforcement actions for non-compliance.

The Australian Competition and Consumer Commission (ACCC) has published a rectification schedule of data holders that are active on the consumer data right (CDR) register but have self-reported potential gaps in their CDR implementation.

The schedule, which includes the big four banks, AMP and Bendigo and Adelaide Bank, has set out further information and rectification dates as proposed by data holders.

The ACCC has said it is “actively pursuing data holder rectification of all issues included in the schedule” in a recent CDR updates newsletter.

However the proposed dates from banks haven’t been approved by the regulator, with the ACCC stating it may have to take compliance or enforcement action where appropriate, in line with its joint CDR policy with the Office of the Australian Information Commissioner (OAIC).

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The list of data holders with gaps in their CDR roll out has followed another rectification schedule, of data holders that are not yet active on the register, which as at 15 November included Bank of Queensland, BNK and Rabobank.

The regulator warned banks in September that if they had not met their open banking obligations by November, they would risk facing enforcement action.

In the coming weeks the ACCC is also set to publish a statistics dashboard that displays information about data holders’ CDR performance and availability.

[Related: AUSTRAC warns financial companies of disaster payment fraud]

ACCC chases lenders behind on open banking schedule
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>The Australian Competition and Consumer Commission (ACCC) has published a rectification schedule of data holders that are active on the consumer data right (CDR) register but have self-reported potential gaps in their CDR implementation.

The schedule, which includes the big four banks, AMP and Bendigo and Adelaide Bank, has set out further information and rectification dates as proposed by data holders.

The ACCC has said it is “actively pursuing data holder rectification of all issues included in the schedule” in a recent CDR updates newsletter.

However the proposed dates from banks haven’t been approved by the regulator, with the ACCC stating it may have to take compliance or enforcement action where appropriate, in line with its joint CDR policy with the Office of the Australian Information Commissioner (OAIC).

The list of data holders with gaps in their CDR roll out has followed another rectification schedule, of data holders that are not yet active on the register, which as at 15 November included Bank of Queensland, BNK and Rabobank.

The regulator warned banks in September that if they had not met their open banking obligations by November, they would risk facing enforcement action.

In the coming weeks the ACCC is also set to publish a statistics dashboard that displays information about data holders’ CDR performance and availability.

[Related: AUSTRAC warns financial companies of disaster payment fraud]

ACCC chases lenders behind on open banking schedule
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