ACCC expands Australia's open banking regime as non-bank lenders begin sharing product data
The Australian Competition and Consumer Commission (ACCC) has confirmed the commencement of new obligations requiring non-bank lenders to share product data — including interest rates, fees, charges and eligibility criteria — through the Consumer Data Right (CDR).
The expansion is intended to support the development of comparison services and improve access to loan information for consumers and small businesses.
The CDR underpins Australia's open banking regime and was first introduced in 2020 when the major banks began sharing data. It has since been extended across the banking and energy sectors, and now covers non-bank lenders.
"The expansion of the Consumer Data Right to non-bank lenders is a significant step in giving consumers access to information about the broadest possible range of financial products," said Ian Oppermann (pictured right), commissioner at the ACCC.
"The inclusion of non-bank lenders in the CDR will give consumers a more complete picture of some of the largest household costs, including their mortgage, power bill, and car finance and personal loans."
More than 1.3 million Australians are currently using the CDR, representing a rise of approximately 135% over the past year. Participation is expected to grow further as the scheme extends into non-bank lending.
Consumer data sharing for non-bank lenders will be phased in from 9 November, with timelines varying depending on the size of the provider. Once live, consumers will be able to use their own financial data to compare products, streamline loan applications and assess whether switching lenders would deliver a better outcome.
"Loans are among the biggest financial commitments for many Australians," Oppermann said. "Making more product information available in a consistent way will help comparison services and other CDR-enabled tools give consumers better information when they are looking to borrow from a non-bank lender."
At least 35 new data holders are expected to enter the CDR as part of this expansion. The ACCC has worked with industry and other CDR agencies to support implementation.
The ACCC and the Office of the Australian Information Commissioner jointly regulate the CDR and share responsibility for ensuring participant compliance. The ACCC has identified data quality and adherence to implementation timeframes as ongoing compliance priorities, and has previously taken enforcement action over alleged breaches of CDR obligations.
The CDR operates on an opt-in basis, giving consumers control over whether their data is shared, with whom, and for what purpose. Data is transferred between holders and accredited providers, who must complete a rigorous accreditation process before accessing CDR data.
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