The Australian Competition and Consumer Commission (ACCC) and the Office of the Australian Information Commissioner (OAIC) have unveiled a new Compliance and Enforcement Policy for the Consumer Data Right.
The policy outlines the approach that the ACCC and the OAIC adopted to encourage compliance with, and address breaches of, the Consumer Data Right regulatory framework.
The Policy has been developed following consultation with current and future data holders and recipients, the two government bodies said in a joint statement.
‘‘The Consumer Data Right is an important reform that will give consumers greater access to and control over their data,” ACCC commissioner Sarah Court said.
“With this important reform comes significant and serious safeguards.
“It is the responsibility of each Consumer Data Right participant to be fully aware of their regulatory obligations or face scrutiny by the ACCC and the OAIC.
“Today’s release of the Compliance and Enforcement Policy helps clarify these obligations as people prepare to participate in the Consumer Data Right from July 2020.”
The ACCC and OAIC said both had adopted a strategic risk-based approach to compliance and enforcement, which focused on building consumer confidence in the security and integrity of the Consumer Data Right system.
“My office and the ACCC will work in partnership to monitor and actively enforce participants’ compliance with their regulatory obligations, including the privacy safeguards,” Australian information commissioner and privacy commissioner Angelene Falk said.
“A strong regulatory framework is in place to protect privacy and build public confidence in the Consumer Data Right, and the Compliance and Enforcement Policy released today provides increased certainty about how we will uphold these consumer protections.
“Economic reforms like the Consumer Data Right which build consumer confidence in the use of their personal information and encourage innovation will be critical to our recovery after the COVID-19 outbreak.”
The ACCC and OAIC will regularly review the Compliance and Enforcement Policy so that it continues to reflect best practice regulation and evolves with the Consumer Data Right regime.
A copy of the Compliance and Enforcement Policy is available here.