The inability to accurately compare energy plans will be a problem of the past in the coming year thanks to recent amendments in Consumer Data Right Rules, the Competition and Consumer regulatory rules that govern the sharing of data between goods and service providers in Australia.
What do the changes mean for me?
Effective 12 November 2021, consumers have been given the right to access data from energy providers to better understand and compare energy plans to assist in choosing an energy provider to suit their needs.
Product information will be shared from October 2022 onwards with consumers being able to readily and securely share their energy data after consenting through digital comparison services in November 2022.
Consumers will also be able to combine their energy and banking data to assist in tracking their energy expenses and manage household budgets through financial technology apps.
Where to from here?
Towards the end of 2022, fintech app's and other digital comparison services will start sharing energy sector data for consumers. Stay tuned for more news in the year ahead.
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