Govt gives Open Banking regime the go ahead —

Consumers will be granted new rights over their banking data from July next year, with the government this week announcing it would implement the recommendations of the Review into Open Banking.

Under the regime, banks and financial institutions will be obliged to share all information provided to them by customers and former customers, whenever they request it. They will also be obliged to share all transaction data in “a form that facilitates its transfer and use” and make public details about the price, fees and other charges of their products and services.

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