Bank of Queensland pays A$133,200 as penalty for alleged breach of CDR rule

Bank of Queensland Ltd (ASX: BOQ) paid a penalty of A$133,200 for the alleged breach of Consumer Data Right (CDR) rule. BOQ paid the penalty after it was issued an infringement notice from ACCC.

As per the CDR rule, BOQ was required to be in a situation to share data for financial products, together with savings accounts, term deposits and credit cards, by 1 July 2021, which it could not meet by this date.

BOQ did not make the services accessible to its customer till 13 December 2021. As a result, the customers could not share the CDR data for over 5 months after the date by which this service was essential to be accessible to them.

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