ING Bank paid AU$53,280 for breaching Consumer Data Right

ING Bank (Australia) Limited has paid penalties of AU$53,280 for supposedly failing to obey with Consumer Data Right (CDR) Rules and making a false or misleading representation to consumers. The Company paid the penalty after ACCC issued it with four infringement notices.

ACCC alleged that ING Bank missed 3 important legislated deadlines and made a false statement to consumers on its website about the reliability & security of its CDR service.

Under the CDR Rules, it was important that ING Bank was in a position to share data for certain financial products by exact deadlines. This comprised data about residential home loans by 1 November 2021, and data regarding joint accounts by 1 October 2022. However, ING bank could not fulfill these requirements.

Further, ACCC alleged that by failing to meet its duties, ING possibly denied its clients the complete benefits of being able to use the CDR program.

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