ACCC introduces data rules for non-bank lenders
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- Australian non-bank lenders face new product data rules.
- The expansion aims to boost comparison services.
- The ACCC aims to help consumers find better loan values.
The Australian Competition and Consumer Commission announced new consumer data right obligations that require non-bank lenders to share product data such as interest rates and fees.
The system began with major banks in 2020 and expanded to energy in 2022 before reaching the non-bank sector.
"The expansion of the Consumer Data Right to non-bank lenders is a significant step in giving consumers access to information about the broadest possible range of financial products," said ACCC Commissioner Dr Ian Oppermann.
The new rules will bring at least 35 new data holders into the system, with consumer data sharing phased in from Nov. 9.
The regulator stated that the changes are expected to give consumers a more complete picture of household costs.
The system currently has more than 1.3 million Australian users, which represents an increase of approximately 135% over the last year.
Non-bank lenders include finance providers that do not hold a banking licence, meaning they do not take customer deposits.