Protecting account aggregation consumers
A presentation by Delia Rickard, ASIC's Deputy Executive Director, Consumer Protection, to the IIR conference on Account Aggregation, September 2001.
The focus so far this morning has been on the case for providing account aggregation services. I'd like to switch that focus slightly now to one which says if you are going to provide these services how can you do so in such a way that ensures that consumers can access the benefits of them without unknowingly exposing themselves to new risks.
In doing this I want to focus on what the Australian Securities and Investments Commission (ASIC) sees as some of the key consumer protection issues associated with account aggregation. Lest this sounds unduly negative though, I thought I would first spend a quick minute or two discussing ASIC's general approach to e-commerce issues and to account aggregation in particular.