The Australian Competition and Consumer Commission (ACCC) has identified data quality as a priority area for compliance and enforcement activities, according to a recent report analyzing the results of a consultation launched in October 2020.
While data is generally sufficient for delivering Consumer Data Right (CDR) products and services, data recipients and users highlighted two key shortcomings: significant issues in the quality of product reference data and slow responses from data holders to address data quality issues.
The ACCC is considering a more active data quality regulatory approach and clarifying the nature of data quality obligations to ensure a better understanding of expectations around appropriate data quality.
The regulator will take enforcement action for incorrect interest rates, missing data, use of free text fields where relevant structured text fields exist, and data that does not align with what consumers can see in their online or mobile banking channels.
The ACCC will also work with Treasury, the Office of the Australian Information Commissioner (OAIC), and the Data Standards Body to develop new guidance on data quality related obligations and improve the portal for stakeholders to report data quality complaints.
Additionally, the ACCC will conduct a further consultation on new data quality compliance transparency measures. Last month, the regulator warned data holders against implementing technology upgrades that breach their existing CDR obligations.
