In addition to legally requiring the four major banks to share product reference data with accredited data recipients, the rules also give legislative force to consumer data sharing obligations in banking that become mandatory from 1 July 2020.
Product reference data includes information such as interest rates, fees and charges, and eligibility criteria for banking products like credit cards and mortgages.
“Product reference data is vital for accredited data receiving businesses to provide comparison services and potentially offer better deals to consumers,” ACCC Commissioner Sarah Court said.
“Having the Consumer Data Right Rules in place means that from July this year, when consumers choose to direct their bank to share their data with another accredited data recipient, the banks must do so.
“The making of the Rules is a major milestone in delivering the Consumer Data Right in banking,” Court said.
The Rules come into effect on 6 February 2020.
The four major banks - ANZ, Westpac, Commonwealth Bank and NAB - started sharing product reference data from July 2019 on a voluntarily basis.
The Consumer Data Right will give consumers the right to safely access data about them, held by businesses, and direct this information be transferred to trusted third parties of their choice - and consumer data relating to credit and debit cards, deposit accounts and transaction accounts must be made available from 1 July 2020.