Early users of open banking, including in mortgage broking, want the ACCC to adopt a more aggressive approach to enforcement to improve major bank data quality.
The core government competition policy aimed at opening up the big banks to competition – the consumer data right – risks becoming a white elephant because some banks’ data is unreliable, and the competition regulator is failing to resolve problems quickly, say early adopters of the fledgling regime.
For example, banks are not required to report the date a fixed rate mortgage expires, which makes it difficult to target potential switchers with a competitive offer. Some users say loan interest rates published in the system by some banks are not being kept up-to-date. In December, ING Bank – which several data recipients said provides the lowest quality data under the regime – paid a penalty of just $53,280 for four infringement notices, alleging it failed to meet obligations.
She is frustrated banks and the ACCC are not proactively resolving data quality issues and instead forcing it back onto users to highlight concerns. There are some positive signs. The number of data recipients grew by 280 per cent year-on-year, according to Mr Charnley’s report, largely driven by the introduction of new access models including for consumer “representatives”. Three-quarters of data recipients use “intermediaries” to access data.Charnley said the government should set a goal for usage of the system. For now, authorisations to move data from a bank holding it to a third party were not being measured.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ACCC sinks teeth into Woolworths pets playThe ACCC wants to know how Woolworths’ planned investment in No.2 specialty pet goods retailer, Petspiration Group, could impact competition.
Read more »
Dishonest Tiktok and Instagram influencers face ACCC crackdownMore than 100 influencers who have tried to hoodwink the public with misleading claims and endorsements will be targeted in a national blitz.
Read more »
ACCC crackdown on dishonest influencersMore than 100 influencers are now being scrutinised after the watchdog received more than 150 tip-offs from the public. 9News
Read more »
ACCC to crack down on misleading influencer endorsements across social mediaConsumer watchdog received over 150 tip-offs about influencers who reportedly failed to disclose affiliations with products they were promoting
Read more »