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Bank of Queensland receives Australia's first-ever fine for data-portability failings

By James Panichi ( July 14, 2022, 01:55 GMT | Insight) -- Bank of Queensland has become Australia’s first financial institution to be fined for failing to adhere to new open-banking rules, with the country’s competition regulator announcing this week that the lender would pay an infringement notice of $90,181 over the lapses. The Australian Competition & Consumer Commission said the Brisbane-headquartered bank had breached the data-portability provisions of the Consumer Data Right by “failing to provide a service enabling consumers’ data to be shared.”Bank of Queensland has become Australia’s first financial institution to be fined for failing to adhere to new open-banking rules, with the country’s competition regulator announcing this week that the lender would pay an infringement notice of A$133,200 ($90,181) over the lapses....

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