ING Bank, one of Australia’s leading financial institutions, has recently been fined for alleged breaches of the Consumer Data Right (CDR) Rules. The Australian Competition and Consumer Commission (ACCC) has imposed penalties on the bank totalling $53,280 for failing to provide accurate and complete information to customers in a timely manner.
The CDR Rules give consumers the right to access and control their data held by banks and other organisations. This includes the right to request that their data be transferred to another organisation, such as a different bank. According to the ACCC, ING Bank failed to comply with these rules by not providing complete and accurate information to customers in a timely manner. The bank also allegedly failed to respond to customer requests for data transfer within the required timeframe.
The ACCC has stated that these penalties serve as a reminder to all organisations that they must comply with the CDR Rules and protect the rights of consumers. The imposition of penalties on ING Bank is a significant step in ensuring that organisations take the Consumer Data Right seriously and provide customers with the full benefits of the CDR program. The ACCC’s action demonstrates its commitment to enforcing the CDR rules and protecting the rights of consumers.
The ACCC also alleged that ING Bank violated the Australian Consumer Law by making deceptive statements on its website. From October 28 2021 to February 2 2022, ING Bank claimed on its website that its accredited person request service was functional since July 1 2021 and that it was a reliable and secure option for customers to share their data. However, the ACCC alleges that was not the case and consumers were provided false and misleading statements that may have unduly influenced their financial decisions.
It should be noted that payment of this contravention is not an admission by ING Bank.
The ACCC’s media release can be accessed here.