ACCC to be stripped of oversight of consumer data right
The government will strip the Australian Competition and Consumer Commission of oversight of its flagship competition policy, known as the consumer data right and transfer it to Treasury, which will consider how to safely widen access to the first industry application – open banking.The shift of the rule-making powers and overall responsibility for the consumer data right to Treasury – set out in draft legislation which has quietly been put out for consultation – could be a precursor to the government creating a new data regulator to manage the emerging data economy.It also points to the growing desire in Canberra for policy decisions to be made by the government instead of being outsourced to regulators.
Companies already accredited by the ACCC, which is expected to retain a role enforcing consumer data right, are frustrated they have not been able to bring more participants into the regime due to restrictive rules. The ACCC has accredited five parties to be data recipients since the regime was launched on July 1.
Submissions on improving access via “tiered” levels of accreditation are due with the ACCC on Thursday. Treasury, which will also take over accreditation of participants, is also consulting on new rules for “intermediaries” as part of the draft legislation.
Treasury is keen to lift participation in, and awareness of, open banking, while also ensuring appropriate checks and balances are in place to protect privacy and ensure data moves securely.
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