Australia To Hold Roundtable On Credit Reporting Code Of Conduct
Minister for Privacy Brendan O’Connor today announced details of a roundtable meeting to discuss the development of a proposed new Credit Reporting Code of Conduct.
Under the Privacy Act, financial institutions are required to protect consumers’ private information, including details they use to assess a customers’ eligibility for banking products.
“A binding Code of Conduct will be an integral part of the new credit reporting regime, helping to provide better protection for consumers and better guidance for business,” Mr O’Connor said.
The Code will encompass more specific rules around access to clients’ personal information, data accuracy and complaint handling than is currently possible to include in legislation.
“The Roundtable will contribute to the development of the industry-led Code, and will provide an open forum for interested parties to discuss any outstanding issues of concern.”
The roundtable meeting will take place at Parliament House, Canberra on Thursday, 10 February 2011.
Credit reporting agencies that collect, store and disclose consumer information, finance companies, and consumer and privacy advocates are invited to attend.
The Government is currently preparing draft legislation to implement its response to the Australian Law Reform Commission report For Your Information: Australian Privacy Law and Practice.
Draft provisions relating to comprehensive credit reporting will soon be finalized and referred to the Senate Finance & Public Administration Committee for inquiry and report.
“This meeting will provide a valuable opportunity for stakeholders to express their views on the credit reporting matters and to make significant progress toward an industry-agreed Credit Reporting Code of Conduct,” Mr O’Connor said.
Any Code of Conduct developed by industry will need to be approved by the Australian Information Commissioner before taking effect.
Topics: 2011, Australia, banking products, banks, Brendan O'Connor, business, Canberra, code of conduct, complaints, consumers, Credit Reporting Code of Conduct, data, economic development, economic growth, Economy, education, Governance, government, Law Reform Commission report, moniter, monitor, news, Parliament House, personal information, Privacy Act, roundtable, society
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