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AFR: ‘Confounding’ shift on consent will damage trust in open banking
31 May 2021
Major banks and privacy experts are flummoxed at Treasury’s planned shift to an “opt-out” model for joint accounts under open banking, warning it contradicts the fundamental tenet of the consumer data right: that customers provide consent before their data moves.
The Australian Banking Association and consumer groups including the Financial Rights Legal Centre said in submissions to Treasury last week the proposed opt-out model conflicts with core privacy principles and the competition regulator’s push in the Digital Platforms Inquiry for stronger consent protections.
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