03 Apr 2024

HSBC Fined for Consumer Data Right Breaches

HSBC Bank has been fined $33,000 by the Australian Competition and Consumer Commission (ACCC) for breaches of the Consumer Data Right (CDR), as reported by Richard Chirgwin. The fines result from HSBC's failure to provide complete mortgage interest rate details and accurate credit card balances, crucial for enabling accurate financial product comparisons. The breaches spanned from early 2023 to mid-2023, affecting both mortgage and credit card products. The ACCC emphasised the necessity of high-quality CDR data, highlighting this case as a warning to the industry. HSBC has since rectified the data quality issues.

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