NAB's Cooperating with ACCC Review

National Australia Bank (NAB) has stated that it has fully cooperated with the Australian Competition and Consumer Commission's (ACCC) review. NAB is a financial services company with segments including Business and Private Banking, Personal Banking, Corporate and Institutional Banking, New Zealand Banking, and Corporate Functions and Other.

National Australia Bank (NAB) has fully cooperated with the Australian Competition and Consumer Commission's (ACCC) review and has paid a total of $751,200 in penalties for alleged violations of the consumer data right (CDR) rules [2]. The ACCC issued four infringement notices to NAB, alleging that the bank failed to disclose or accurately disclose credit card limit data in response to requests from CDR accredited providers on behalf of their customers. This impacted the service of several fintech companies, including those offering mortgage broking tools using CDR data.

The ACCC noted that the payment of the fine is not an admission of contravention of the CDR rules. However, the regulator emphasized that poor data quality prevents consumers from experiencing the full benefits of the CDR, stating, "When banks or energy retailers don’t provide accurate data, consumers can’t take advantage of CDR products and services to compare products, find better deals, manage their finances or make informed decisions about product switching" [2].

NAB has since rectified the identified data quality issues. The bank's response to the ACCC review demonstrates its commitment to addressing the concerns raised and improving its compliance with the CDR rules. This incident serves as a reminder for financial institutions to prioritize data accuracy and transparency in their operations.

References:
[1] https://kfgo.com/2025/06/16/australias-bega-cheese-to-seek-regulator-nod-for-potential-fonterra-oceania-acquisition/
[2] https://www.capitalbrief.com/briefing/nab-pays-751k-fine-for-alleged-consumer-data-right-breaches-5085048b-5510-4967-b356-34d12338e007/
[3] https://www.theguardian.com/business/2025/jun/18/optus-agrees-to-100m-penalty-for-selling-phones-to-customers-who-couldnt-afford-them-or-were-out-of-range-ntwnfb
[4] https://www.accc.gov.au/public-registers/browse-public-registers