Updated: A missed deadline has cost the Bank of Queensland $133,200, after it failed to meet the Australian Competition and Consumer Commission’s 1 July 2021 start date for Consumer Data Right (CDR) data availability.
The ACCC issued the notice against the bank last week, and today announced the fine had been paid.
It was the first CDR rules infringement notice the ACCC issued.
The bank wasn’t able to share financial product data like savings accounts, term deposits, and credit cards until 13 December 2021.
The ACCC said this meant “the bank’s customers were unable to share their CDR data for more than five months after the date by which this service was required to be available to them.”
“Under the CDR, consumers have a right to safely and securely share certain data with accredited providers, including fintech firms and other third parties, who in turn can use that data to create better customised products and services for the consumer,” ACCC commissioner Peter Crone said.
“For the CDR to work effectively for consumers, participants including all banks must meet their data sharing obligations within the timeframes set by the regulations.”
BoQ wasn’t the only bank to miss the deadline, with the Covid-19 pandemic and a shortage of IT skills causing delays among a number of banks.
In deciding to fine the bank, the regulator says it “took into account a number of factors, including the period of alleged non-compliance, the number of customers potentially impacted, the resourcing constraints BoQ faced in developing its CDR infrastructure and the steps it took to limit the duration of its non-compliance.”
iTnews has asked BoQ for comment.
Update: The Bank of Queensland sent the following statement to iTnews: “Bank of Queensland acknowledges it was delayed in implementing the first phase of the Consumer Data Right (Open Banking) regime and it has worked with the ACCC on a rectification schedule.”
“The delay was largely due to the complexity of adapting BOQ source systems to the Open Banking requirements and third-party testing issues.
“Those issues have now been addressed and BOQ commenced data sharing from 13 December 2021.”
