ACCC Hits Commonwealth Bank with Record Fine Over Data Sharing Failures
So, here’s what’s been happening with the Commonwealth Bank of Australia, or CBA. The bank has been hit with a significant penalty from the Australian Competition and Consumer Commission after major issues were uncovered in the way it handled consumer data right obligations. The fine totals $792,000, and it’s now officially the highest penalty ever issued for breaches of consumer data right rules, which you might also hear referred to as “open banking.”
The whole situation came to light when business customers and partnerships tried to share their banking data with accredited third-party providers—usually so they can link their accounts with accounting software or other financial tools. Instead of smooth transfers, customers found themselves stuck. Their data simply wasn’t being shared the way the system promised. Because of this, many were forced into time-consuming manual workarounds or, worse, alternative methods that weren’t nearly as secure.
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According to ACCC deputy chair Catriona Lowe, this penalty should be a wake-up call for every bank involved in the open banking regime. The message is clear: if the rules are ignored or mismanaged, enforcement action will follow. She pointed out that banks have now had several years to understand exactly what’s required of them, especially since consumer data right reforms first rolled out in the banking sector back in 2020.
What makes this situation a little more nuanced is that CBA actually discovered the issue themselves and voluntarily reported it to the ACCC. The bank had enabled data sharing for business accounts in late 2021, but some account types were inadvertently left out. These gaps created the roadblocks that customers later ran into, and they ultimately triggered the complaints that reached the regulator.
CBA has publicly accepted the findings of the investigation and apologised to customers who were affected. The bank has also said it will be contacting customers who attempted to share data but couldn’t, letting them know they may be eligible for remediation. That process is expected to begin early next year. CBA added that it is reviewing and improving its internal systems and controls to ensure it stays compliant with consumer data right rules moving forward.
In the broader context, this fine just edges past the previous record held by National Australia Bank, which faced a $751,200 penalty for similar issues. And with open banking expanding into more industries—including energy in 2022 and non-bank lenders from mid-2026—the ACCC is making it clear that compliance is not optional.
Overall, the whole episode shows just how crucial accurate and reliable data sharing has become, and it sends a strong reminder to every participant in the system: if consumers can’t trust the data pipelines, the entire framework breaks down.
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