Control over personal data is one of the top priorities of customers when it comes to bank transactions and financial health. While major banks and businesses are interested in keeping the industry competitive, they must comply strictly with regulation around consumer data. With the recent Consumer Data Right legislation introduced in Australia, there will be several key changes to follow.

The Consumer Data Right legislation gives customers of major Australian banks more control over their personal data. In ironing the details, the Australian Competition and Consumer Commission (ACCC)’s Digital Platforms Enquiry hosted a round-table discussion.

The Association for Data-driven Marketing and Advertising (ADMA) was part of the enquiry launched by the ACCC. For the final Digital Platforms report, ADMA contributed 23 recommendations concerning competition and privacy.

Here are the four most important positions.

Stronger Privacy Regulations

Several aspects of existing data privacy regulations can be further updated to ensure better consent and protection. ACCC recommends updating the definition of personal information to include any technical data which can identify an individual. It also advises strengthening notice requirements regarding the collection of personal information. It likewise suggests enhancing consent requirements to avoid ambiguity. Finally, it requires organisations to erase personal information without undue delay after a request for erasure.

While these proposed regulations are well-intentioned, they run the risk of being too repetitive. ADMA cautions that the imposition of more notice and consent practices can create what can be termed ‘consent fatigue.’

Protocols for Serious Invasions of Privacy

The introduced Consumer Data Right legislation states that individuals have direct rights to bring actions or class actions before courts to seek compensation for interference with their privacy.

ADMA recommends that such direct rights would significantly increase business risk without adding any true protective value for consumers. There needs to be more significant proof behind the need for new privacy laws given the environment.

Enquiry into Ad Tech Sector Competition

Ad tech platforms may engage in misleading or anti-competitive conduct. As such, ACCC proposed the creation of a new digital platforms branch to conduct the appropriate enquiry. The new enquiry may take upwards of 18 months.

In terms of necessity and allocation of resources, ADMA challenges the need for another government agency related to businesses. Moving forward, ADMA will engage with the enquiry and forward the interests of the industry.

Codes of Conduct between Platforms and Content Providers

Finally, the ACCC proposed the need for codes of conduct regarding the relationship between larger digital platforms and media businesses. The Australian Communications and Media Authority will then be oversee this.

ADMA believes in facilitating healthy competition between channels. Any measure to improve transparency and accountability should be supported as long as it does not unduly burden operations.

At the end of the day, the Consumer Data Right provisions may strengthen consumer rights and consumer-business relations in some respects. However, they may add unnecessary barriers to growth and interaction.

Talk to us today about how EMBR navigates the latest laws concerning lead generation and marketing.