The competition regulator stands ready to take tougher enforcement action against banks if the quality of customer data being fed into the consumer data right is not improved.
Open banking, as the consumer data right is known in the banking sector, is a government competition policy designed to give customers more control of data generated from their banking activity. It allows customers to port data around to different providers, in a regulated framework, to get better prices and services.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
