The Australian Competition and Consumer Commission (ACCC) and the Office of the Australian Information Commissioner (OAIC) have jointly released the Compliance and Enforcement Policy for the Consumer Data Right.
ACCC Commissioner, Sarah Court said the Consumer Data Right was an important reform that would give consumers greater access to and control over their data.
“With this important reform come significant and serious safeguards,” Ms Court said.
“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,” she said.
“The release of the Compliance and Enforcement Policy helps clarify these obligations as people prepare to participate in the Consumer Data Right from July 2020.”
Ms Court said the ACCC and OAIC 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.
Australian Information Commissioner and Privacy Commissioner, Angelene Falk said her office and the ACCC would work in partnership to monitor and actively enforce participants’ compliance with their regulatory obligations, including the privacy safeguards.
“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,” Ms 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 provides increased certainty about how we will uphold these consumer protections,” she said.
“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 two Commissioners said the ACCC and OAIC would regularly review the Compliance and Enforcement Policy so that it continued to reflect best practice regulation and evolved with the Consumer Data Right regime.
Ms Court said the Policy had been developed after consulting current and future data holders and recipients.
The 9-page Policy can be accessed at this PS News link.
