9 August 2017
Media Release - #2017070, 2017

Empowering customers through Open Banking – Issues Paper released

The Open Banking Review has released an Issues Paper today seeking feedback on the best approach for implementing an Open Banking framework for Australian customers. 

Open Banking has the potential to transform the way in which Australians interact with the banking system. Better informed customers will put pressure on the financial services sector to become more efficient, affordable, innovative and competitive.

The Turnbull Government’s commitment to introduce an Open Banking regime in Australia is part of a comprehensive package of reforms to ensure the financial services sector better meets the needs of customers and provides opportunities for innovative businesses to grow and thrive.

The Review will examine:

  • What data should be shared, and between whom
  • How data should be shared
  • How to ensure shared data is kept secure and privacy is respected
  • What regulatory framework is needed to give effect to and administer the regime
  • Implementation – timeliness, roadmap, costs

The Issues Paper is available here.

Last month the Turnbull Government commissioned an independent review to recommend the best approach to implement an Open Banking regime in Australia, with the report due by the end of 2017.

The review is being led by Mr Scott Farrell, a Partner at King & Wood Mallesons with more than 20 years’ experience in financial markets and financial systems law.