National Australia Bank (NAB) has paid A$751,000 in penalties after receiving four infringement notices from the Australian Competition and Consumer Commission (ACCC) for breaching the Consumer Data Right (CDR) Rules. The penalties stem from failures to disclose, or accurately disclose, customer credit limit data in response to four separate requests from accredited CDR providers.
The CDR framework is designed to give consumers greater control over their data while ensuring institutions provide accurate, complete, and current information. The ACCC alleges that NAB’s failure to meet these standards compromised the ability of fintechs to offer reliable and effective services based on the consumer data provided.
Catriona Lowe, ACCC deputy chair, highlighted the broader implications of such lapses, stating that poor data quality from banks undermines consumers’ ability to fully benefit from CDR services — whether that’s comparing products, accessing better financial deals, or making informed decisions about switching providers.
This A$751,000 penalty marks the highest financial penalty issued to date for alleged breaches of CDR regulations. While NAB fully cooperated with the ACCC during its investigation, the incident serves as a significant warning to all data holders in the CDR ecosystem about the importance of data integrity and compliance.