Exemption for Commonwealth Bank of Australia

On 11 August 2022, the Australian Competition and Consumer Commission (ACCC) granted a permanent exemption under section 56GD of the Competition and Consumer Act 2010 (Cth) to Commonwealth Bank of Australia (CBA) in relation to consumer data sharing obligations and direct-to-consumer obligations for its subsidiary brand, Bankwest, in respect of grandfathered business banking products, and in relation to its obligation to provide a service for non-individuals and partnerships to nominate an individual(s) to manage authorisations to disclose CDR data on their behalf for Bankwest Business and retail products. CBA has also been granted a permanent exemption in respect of its consumer data sharing obligations for its white label product, the CALIA+ Investment Loan. The ACCC granted the exemption in response to an application from CBA. 

CBA has advised that the product known as ‘Mortgage Shredder Home Loan’ will be known as ‘Bankwest Simple Home Loan’ from 27 February 2023.