The competitors watchdog has handed out greater than $50,000 in fines to ING financial institution over missed deadlines and deceptive web site statements.
The Australian Competition and Consumer Commission alleged ING missed three deadlines for its Consumer Data Right (CDR) rollout and misled customers on the reliability and safety of its service.
The CDR is a program that permits customers to opt-in to share their institutionally-held information by way of third events to get higher offers on merchandise or consolidate a number of providers in a single place.
It is at present obtainable within the power and banking sectors.
ING mentioned a compatibility problem had compelled the financial institution to briefly droop its open banking platform, however this was not mirrored on its web site.
“While we accept and have paid the fine, not resolving the compatibility issue would have jeopardised our ability to transfer customer data to the open banking ecosystem in a safe and secure manner,” an ING spokeswoman advised AAP.
“This is not something we were prepared to compromise on, even if it meant falling behind on delivery timelines.
“ING’s dedication to open banking stays a key precedence for the organisation.”
ACCC Commissioner Peter Crone said ING customers were not able to fully benefit from the services of businesses using their CDR data.
“Allowing customers to share CDR information… is essential, particularly given present price of dwelling pressures and rising rates of interest,” Mr Crone mentioned.
“All CDR contributors are warned that any claims concerning the CDR have to be correct and in a position to be substantiated, or they danger breaching the Australian Consumer Law, which might appeal to vital penalties if the ACCC commences courtroom proceedings.”
ING mentioned it might proceed to work with the ACCC to ship its remaining open banking functionality in 2023.
