National Australia Bank has paid penalties totalling $751,200 after the ACCC issued it with four infringement notices for alleged contraventions of the Consumer Data Right Rules.
The infringement notices relate to alleged failures by NAB to disclose, or accurately disclose, credit limit data in response to four separate requests made by different CDR accredited providers on behalf of consumers.
In this case, a failure to provide accurate information in relation to credit card limits “impacted the service a number of fintechs provided to consumers, including some fintechs who offer mortgage broking tools using CDR data” the ACCC said.
“These tools are designed to provide consumers with faster, simpler and more secure loan applications which better leverage their own data.
“For the CDR to be effective it is critical that the data which a consumer has consented to be shared is accurate, up-to-date, complete and in the required format.”
NAB’s payment of these penalties is the highest amount paid for alleged contraventions of the CDR Rules to date. The ACCC said NAB cooperated with the investigation and has rectified the data quality issues identified.