Australia’s major banks will be forced to make banking data available from July 1, and the energy sector will soon be facing the same legislative direction.
The mandate comes by way of a new Consumer Data Right (CDR) which will allow individuals to “own” their data by granting them open access to their banking, energy, phone, and internet transactions, as well as the right to control who can have it and who can use it.
Releasing a consultation paper [PDF] on data access models for energy data, the Australian Competition and Consumer Commission (ACCC) is seeking comments on the proposed models for consumers to access their data in the sector.
“In energy, one relevant consideration is that energy data on an individual consumer may be held by a number of organizations and it may not be possible for a single entity to provide sufficient data alone,” the paper says. “It may therefore be appropriate to impose obligations under the CDR on more than one entity and unlike in the banking sector, the market operator also holds some customer data.”