National Australia Bank (NAB) has been fined A$751,000 after receiving four infringement notices from the Australian Competition and Consumer Commission (ACCC) for non-compliance with the Consumer Data Right (CDR) Rules.
NAB was found to have failed in disclosing or accurately reporting credit limit data in response to requests from various CDR providers. The CDR mandates that financial institutions ensure consumer data is accurate, complete, and current, while also being transparent in managing consumer information.
By not providing correct information on credit card limits, NAB affected the ability of fintechs to offer services to consumers relying on CDR data.
ACCC Deputy Chair Catriona Lowe stated, “Poor data quality prevents consumers from experiencing the full benefits of the CDR. When banks or energy retailers don’t provide accurate data, consumers can’t fully utilize CDR products and services to compare offerings, find better deals, manage their finances, or make informed decisions about switching products.”
The penalties imposed on NAB mark the highest amount paid to date for alleged breaches of CDR rules. The bank has fully cooperated with the ACCC during its investigation.