As part of its release of the ‘Consumer Data Right Rules Framework’ (Framework), the Australian Competition and Consumer Commission (ACCC) has outlined its accreditation process for entities seeking to become accredited data recipients under the Open Banking Regime.
While Authorised Deposit-taking Institutions (ADIs) will have access to a streamlined accreditation process, all other applicants will need to meet criteria such as:
- whether they satisfy a ‘fit and proper’ person test;
- the appropriateness and proportionality of the applicant’s systems, resources and procedures;
- the adequacy of the applicant’s internal and external dispute resolution processes; and
- whether the applicant holds appropriate insurance.