Under the Privacy Act 1988 (Cth), financial institutions are required to protect consumers' private information, including details they use to assess a customers' eligibility for banking products. The Minister commented that -
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 businessThe new Code will supposedly -
encompass more specific rules around access to clients' personal information, data accuracy and complaint handling than is currently possible to include in legislationThe 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". Credit reporting agencies that collect, store and disclose consumer information, finance companies, and consumer and privacy advocates are invited to attend.
The Minister's media release indicates that draft amendments to the Privacy Act regarding comprehensive credit reporting will soon be finalised and referred to the Senate Finance & Public Administration Committee for inquiry and report.
Mr O'Connor commented that -
Any Code of Conduct developed by industry will need to be approved by the Australian Information Commissioner before taking effectThe former Privacy Commission's complaisance regarding requests by magicians in white coats (ie re PID 11 and 11A) suggests that a permissive approach to code development by the credit reporting industry is likely.
Interestingly, the round table is not being organised by the Office of the Information Commissioner, with an OIC representative politely (well done) indicating that you will need to contact the Department of Prime Minister & Cabinet if you wish to attend the event. One issue with privacy policy development in the Commonwealth is that it verges on being everyone's responsibility and no-one's.
