National Australia Bank Limited (NAB) has paid sanctions totaling $ 751,200, after the ACCC has issued four infringement announcements for alleged violations of consumer data rules (CDR).
Violation alerts relate to NAB’s alleged failures to disclose or accurately disclose the credit limit limit details in response to four separate requests made by different CDR accredited providers on behalf of consumers.
Failure to provide expensive information in relation to credit card limits has influenced the service provided to consumers, including some fintechs offering mortgage mediation tools using CDR data. These tools are designed to provide consumers faster, simpler and safer loan applications that better use their own data.
Payment of NAB of these sanctions is the highest amount paid for suspected violations of CDR rules to date. NAB has worked with the ACCC research and has corrected the quality of data quality problems.
Data holders in the banking sector had several years to understand and implement their CDR obligations. As the CDR continues to mature, the quality of data within the CDR remains a priority behavior area for the ACCC. In the second half of 2024, CDR participants told the ACCC that over 530,000 consumers successfully used CDR products and services throughout the banking and energy sector, representing a 135 % increase in the previous six months. During the same period, there were about 582 million consumer data requests.