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GOVERNMENT REVIEW TO RECOMMEND ON GREATER CONSUMER CONTROL OF BANKING DATA

Wednesday, 23 August 2017

The Federal Government has commissioned an independent review to recommend the best approach to implement an Open Banking regime in Australia, with the report due by the end of 2017.

Treasurer Scott Morrison said: “Open Banking is about giving Australians greater access to their own banking data and has the potential to transform the way in which Australians interact with the banking system.”

He said the review would advise on implementing an open banking system regime, and examine how such a framework can help boost competition and innovation in financial services for the benefit of Australian customers and businesses.

“Greater consumer access to their own banking data and data on banking products will allow consumers to seek out products that better suit their circumstances, saving them money and allowing them to better achieve their financial goals.

“It will also create further opportunities for innovative business models to drive greater competition in banking and contribute to productivity growth.

The review will be led by Mr Scott Farrell -- a partner at King & Wood Mallesons with more than 20 years’ experience in financial markets and financial systems law.

“Mr Farrell will be supported by a secretariat located within Treasury and will draw upon technical expertise from the private sector as required,” Mr Morrison said.

The review will consult broadly with the banking, consumer advocacy and FinTech sectors and other interested parties in developing the report and recommendations.

The review terms of reference are available at the link below. An Issues Paper will shortly be made available for interested parties to provide input to the review.

 

Click below to view source

Treasurer's media release: Empowering consumers through open banking

Treasury: Review into Open Banking in Australia

Australian Financial Review: Fintechs seek open banking co-ordination given flurry of competition reviews

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