Latest news with #ConsumerDataRight
Finextra
14 hours ago
- Business
- Finextra
NAB charged $751,000 in penalties for breaching consumer data protection rules
National Australia Bank (NAB) has paid A$751,000 in penalties after being issued four infringement notices from the Australian Competition and Consumer Commission (ACCC) for not complying with the Consumer Data Right (CDR) Rules. 0 This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. NAB was accused of not disclosing, or accurately disclosing, credit limit data in response to four separate requests from different CDR providers. In order for consumers to remain protected, CDR requires financial institutions to ensure consumer data is accurate, complete, and up-to-date, and to be transparent in how they manage consumer information. By not providing accurate information on credit card limits, NAB impacted the services that fintechs provided to consumers using CDR data. ACCC deputy chair Catriona Lowe commented: 'Poor data quality prevents consumers from experiencing the full benefits of the CDR. When banks or energy retailers don't provide accurate data, consumers can't take advantage of CDR products and services to compare products, find better deals, manage their finances or make informed decisions about product switching,' The penalties from NAB are the highest paid for allegedly infringements for contraventions of CDR rules so far. The bank fully cooperated the ACCC's investigation.
News.com.au
a day ago
- Business
- News.com.au
National Australia Bank fined over data-sharing scheme
One of Australia's big four banks has been fined more than $750,000 over the use of data in an economy-wide system. The National Australia Bank was issued infringement notices by the competition watchdog over breaches of data rules. NAB has avoided admitting to breaking the rules but has now paid the $751,200 fine over the four breaches. The issue stems from NAB's interactions with the economy-wide Consumer Data Right (CDR) data sharing scheme. 'Poor data quality prevents consumers from experiencing the full benefits of the CDR,' Australian Competition and Consumer Commission deputy chair Catriona Lowe said. 'When banks or energy retailers don't provide accurate data, consumers can't take advantage of CDR products and services to compare products, find better deals, manage their finances or make informed decisions about product switching.' The bank co-operated with the consumer watchdog's inquiry and has rectified the issues. The Consumer Data Right gives consumers the right for their data to be safely transferred between data holders and accredited persons, making price comparisons based on up-to-date and correct data easier. The system began in the banking sector in mid-2020 and for energy retailers in late-2022. In the second half of 2024, 530,000 people used the system for a total of 582 million data requests. In mid-2026, non-bank lenders will become part of the system. Ms Lowe said the banks had several years to understand their CDR obligations. NAB's breaches relate to disclosure or accurate disclosure of credit limit data to different CDR providers on behalf of consumers. 'NAB has made a significant investment to deliver the complex CDR requirements as well as investing resources to develop our capabilities to deliver new innovations,' a NAB spokesperson said. 'We have fully co-operated with the ACCC's review and have resolved the data quality error identified. 'We appreciate and recognise the importance of ensuring we are meeting the standards necessary and expected under the regulations.'
West Australian
a day ago
- Business
- West Australian
National Australia Bank fined over data-sharing scheme
One of Australia's big four banks has been fined more than $750,000 over the use of data in an economy-wide system. The National Australia Bank was issued infringement notices by the competition watchdog over breaches of data rules. NAB has avoided admitting to breaking the rules but has now paid the $751,200 fine over the four breaches. The issue stems from NAB's interactions with the economy-wide Consumer Data Right (CDR) data sharing scheme. 'Poor data quality prevents consumers from experiencing the full benefits of the CDR,' Australian Competition and Consumer Commission deputy chair Catriona Lowe said. 'When banks or energy retailers don't provide accurate data, consumers can't take advantage of CDR products and services to compare products, find better deals, manage their finances or make informed decisions about product switching.' The bank co-operated with the consumer watchdog's inquiry and has rectified the issues. The Consumer Data Right gives consumers the right for their data to be safely transferred between data holders and accredited persons, making price comparisons based on up-to-date and correct data easier. The system began in the banking sector in mid-2020 and for energy retailers in late-2022. In the second half of 2024, 530,000 people used the system for a total of 582 million data requests. In mid-2026, non-bank lenders will become part of the system. Ms Lowe said the banks had several years to understand their CDR obligations. NAB's breaches relate to disclosure or accurate disclosure of credit limit data to different CDR providers on behalf of consumers. 'NAB has made a significant investment to deliver the complex CDR requirements as well as investing resources to develop our capabilities to deliver new innovations,' a NAB spokesperson said. 'We have fully co-operated with the ACCC's review and have resolved the data quality error identified. 'We appreciate and recognise the importance of ensuring we are meeting the standards necessary and expected under the regulations.'
Perth Now
a day ago
- Business
- Perth Now
Major bank fined over data issues
One of Australia's big four banks has been fined more than $750,000 over the use of data in an economy-wide system. The National Australia Bank was issued infringement notices by the competition watchdog over breaches of data rules. NAB has avoided admitting to breaking the rules but has now paid the $751,200 fine over the four breaches. The issue stems from NAB's interactions with the economy-wide Consumer Data Right (CDR) data sharing scheme. 'Poor data quality prevents consumers from experiencing the full benefits of the CDR,' Australian Competition and Consumer Commission deputy chair Catriona Lowe said. National Australia Bank called the data requirements 'complex'. NewsWire / Gaye Gerard Credit: News Corp Australia 'When banks or energy retailers don't provide accurate data, consumers can't take advantage of CDR products and services to compare products, find better deals, manage their finances or make informed decisions about product switching.' The bank co-operated with the consumer watchdog's inquiry and has rectified the issues. The Consumer Data Right gives consumers the right for their data to be safely transferred between data holders and accredited persons, making price comparisons based on up-to-date and correct data easier. The system began in the banking sector in mid-2020 and for energy retailers in late-2022. In the second half of 2024, 530,000 people used the system for a total of 582 million data requests. In mid-2026, non-bank lenders will become part of the system. Ms Lowe said the banks had several years to understand their CDR obligations. NAB's breaches relate to disclosure or accurate disclosure of credit limit data to different CDR providers on behalf of consumers. 'NAB has made a significant investment to deliver the complex CDR requirements as well as investing resources to develop our capabilities to deliver new innovations,' a NAB spokesperson said. 'We have fully co-operated with the ACCC's review and have resolved the data quality error identified. 'We appreciate and recognise the importance of ensuring we are meeting the standards necessary and expected under the regulations.'
Perth Now
2 days ago
- Business
- Perth Now
Banks snap losing streak but market remains weak
Australia's share market is edging lower as investors await the next development in the Middle East conflict, but local banks are making a comeback after six weak sessions. The S&P/ASX200 is down 18.3 points, or 0.21 per cent, to 8,511.7, as the broader All Ordinaries fell 24.4 points, or 0.28 per cent, to 8,733.5. The weak start came after a similar session on Wall Street overnight, as White House officials mulled a potential attack on Iran and after the US Federal Reserve conceded stagflation risks were rising in the world's largest economy. Market participants remained edgy and uncertain about the Middle East conflict and potential US military involvement, market analyst Kyle Rodda said. "Such a scenario would raise the risk of a greater regional conflict, with implications for global energy supply and, probably, economic growth." Despite seven local sectors trading lower by lunchtime, financials staged a comeback with a 0.5 per cent gain after fading 1.5 per cent in the previous six sessions. Westpac was leading the charge, up 1.5 per cent to $33.50, while NAB and CBA pushed 0.7 per cent and 0.5 per cent higher respectively. The NAB rise came despite the Australian Competition and Consumer Commission fining the bank $750,000 over breaches to Consumer Data Right rules. Materials was the worst-performing sector with a 1.5 per cent slip, as weak iron ore prices continued to weigh on large caps BHP (-1.5 per cent), Rio Tinto (-1.7 per cent) and Fortescue (-1.3 per cent). Gold miners also traded lower as the safe haven's price continued to coil in a slight downward trajectory, with futures trading at $US3,396 ($A5,232) an ounce. Energy stocks fell 0.6 per cent, as oil and gas giants Woodside (-0.6 per cent) and Santos (-0.3 per cent), handed back some earlier gains as oil prices consolidated after their recent run-up. Futures in global benchmark Brent Crude were trading at $US74.74 a barrel, roughly on par with yesterday's ASX close. Australia's tech sector was down 0.9 per cent after hitting an intraday record on Wednesday, with WiseTech Global weighing heavily with a 1.6 per cent slip to $107.15 after announcing the departure of two board members. Directors Charles Gibbon and Michael Gregg had been long-time supporters of founder and executive chair Richard White, who has been at the centre of a number of scandals at the company. Utilities continued to sell off after Friday's 4.2 per cent surge. The sector has lost 3.5 per cent in value in the subsequent four sessions. The Australian dollar is buying 64.84 US cents, down from 65.07 on Wednesday at 5pm, and edging lower after Australia's unemployment rate held steady in May, offering no surprises in economic data ahead of a widely expected Reserve Bank rate cut in July.
