National Australia Bank (NAB) has paid $751,200 in penalties after being issued with four infringement notices by the Australian Competition and Consumer Commission (ACCC) for alleged breaches of the Consumer Data Right (CDR) Rules.
The alleged contraventions stem from NAB’s failure to disclose, or accurately disclose, credit limit data in response to requests made by four separate accredited CDR providers, acting on behalf of consumers. The bank’s failure reportedly affected the performance of several FinTechs using CDR data, particularly those offering mortgage broking tools aimed at simplifying loan applications by securely leveraging customer data.
The CDR framework is designed to give Australians greater control over their personal data by enabling them to share it securely with accredited third parties. For this system to work effectively, the data must be accurate, complete, current and supplied in the correct format.
ACCC deputy chair Catriona Lowe said, “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.”
This incident marks the highest monetary penalty paid to date for alleged non-compliance with the CDR Rules. NAB has cooperated with the ACCC throughout the investigation and has taken steps to rectify the identified data quality issues.
According to the ACCC, banks have had several years to align with their CDR obligations, and data quality remains a key area of regulatory focus. In the second half of 2024 alone, more than 530,000 consumers used CDR-enabled products and services across the banking and energy sectors—an increase of 135% compared with the previous six months. During that period, around 582 million consumer data requests were processed.
Lowe added, “All CDR participants are reminded that failure to comply with the CDR rules will result in scrutiny by the ACCC and may result in enforcement action.”
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