The Australian Competition and Consumer Commission (ACCC) is seeking company feedback on consumer data right draft rules published last week.

The rules will allow customers to easily access their banking data and have it transferred to trusted service providers such as a comparators or financial advisers. The rules will eventually apply to insurers and other sectors.

The ACCC is working through guidance for potential data recipients on the requirements for accreditation.

“The draft rules for the consumer data right allow companies working in the banking sector to begin planning and move towards the start of the consumer data right in banking, with some greater detail and guidance as to how it will work,” ACCC Commissioner Sarah Court said.

A pilot will begin in July. Legislation must be passed before the consumer data right can begin.