The Australian Competition and Consumer Commission said new Consumer Data Right obligations have commenced requiring non-bank lenders to share product data, including interest rates, fees, charges and eligibility criteria. The change extends Australia’s open banking regime into the non-bank lending sector and is intended to support comparison services and help consumers and small businesses assess loan options. At least 35 new data holders will enter the Consumer Data Right as part of the expansion. The initial step covers product information, while consumer data sharing for non-bank lenders will be phased in from 9 November 2026 depending on provider size. Once that is available, consumers will be able to use data held by financial institutions to compare products, streamline loan applications and assess whether switching lenders could improve terms. The Australian Competition and Consumer Commission and the Office of the Australian Information Commissioner jointly regulate the Consumer Data Right and oversee compliance by accredited providers and data holders. Data quality and compliance with implementation timeframes remain Australian Competition and Consumer Commission compliance priorities, and it noted that it has previously taken enforcement action over alleged non-compliance with Consumer Data Right obligations.
Australian Competition and Consumer Commission2026-07-12
Australian Competition and Consumer Commission marks start of Consumer Data Right product data sharing obligations for non-bank lenders
The Australian Competition and Consumer Commission said non-bank lenders must now begin sharing product data through the Consumer Data Right, including interest rates, fees, charges and eligibility criteria. The expansion brings at least 35 new data holders into the regime and extends open banking to non-bank lending. Consumer data sharing for the sector will follow from 9 November 2026, phased by provider size.