When will the Consumer Data Right (CDR) be introduced in the banking sector?
The CDR will be introduced in the banking sector using a phased approach.
- On 1 July 2020, live consumer data sharing in the CDR system commenced successfully. Consumers of the four major banks are now able to securely share phase 1 data on their savings and transaction accounts, call accounts, term deposit accounts, current accounts, cheque accounts, debit, credit or charge card accounts, personal basic accounts and GST or tax accounts.
- From 1 November 2020, phase 2 data sets are available for customers of the four major banks, meaning they can access and choose to securely share more of their data with accredited data recipients to access better deals and products. Consumer phase 2 data sets include:
- residential home loans
- investment property loans
- personal loans
- mortgage offset accounts
- joint accounts
- some additional data such as direct debits.
- The four major banks will be required to share phase 3 data – all remaining banking products not covered in phase 1 and 2 – from 1 February 2021. This includes pensioner deeming accounts, foreign currency accounts, novated and financial leases
- The non-major authorised deposit-taking institutions (ADIs) are required to share phase 1 products from 1 July 2021 and phase 2 products from 1 November 2021, however they can also choose to make these data sets available to their customers in advance of these compliance dates. Phase 3 products for non-major ADIs are required from 1 February 2022
- In advance of their product reference data obligations under the Consumer Data Right Rules, major ADIs commenced product reference data sharing for their standard products from July 2019. Further, major ADIs commenced product reference data sharing for mortgages and personal loans from February 2020. The non-major ADIs are required to introduce phase 1 PRD from 1 October 2020, phase 2 from 1 February 2021 and phase 3 from 1 July 2021
- Reciprocal data holders are required to make phase 1 consumer data available from 1 March 2021, and remaining phases from 1 July 2021
- reciprocal data holders must also commence sharing of joint account data from 1 July 2021 (but may comply with old or new joint account rules).
- Major and non-major ADIs must commence amendment of consents from 1 July 2021
- From 1 November 2021:
- (subject to consultation) major and non-major ADIs must commence direct-to-consumer data sharing
- major ADIs must commence functionality for non-individual, partnerships , nominated reps and secondary users
- major and non-major ADIs must commence joint account data sharing.
- From 1 November 2022, non-major ADIs must commence functionality for non-individuals, partnerships, nominated reps and secondary users
- Accredited Data Recipients (ADRs) commence functionality for ADR-ADR transfer from 1 July 2021 (for earlier, if a data standard is made)
- For more information, please see the Rollout page of cdr.gov.au. The information above will be updated over time, including following the making of version 2 of the Consumer Data Right Rules
- A simplified overview of the ACCC's phasing table for consumer data sharing is shown in the attached infographic.