Independent Review of the Principles of Reciprocity & Data Exchange (PRDE)
With thanks to all those who contributed, the Independent Review process is now complete and Independent Reviewer Phil Khoury has released the Final Report here.
The Report has been accepted by the Board of the Reciprocity & Data Exchange Administrator (RDEA) who will consider their response to each of the recommendations in the new year. It is important to recognise that for many of the recommendations – detail design and development work will need to be completed before implementation can begin.
It is also worth noting that the Attorney-General’s Department review of the Credit Reporting Framework has been tabled in the Commonwealth Parliament and is available here. It will likely be some time before the government’s response is concluded and the outcomes of their thinking may well change the landscape for credit reporting and impact the final outcomes for the PRDE and the ACRDS data standards.
Background
The PRDE is the governing document used in Australia’s credit reporting system to guide data exchange between credit providers and credit reporting bodies. It is an industry-developed document that is subject to consultation with stakeholders and that is authorised by the ACCC. The framework requires the PRDE to be independently reviewed every five years with a review due to be completed this year. The Terms of Reference for the 2024 Review are available here and the PRDE itself is available here.
Phil Khoury of cameron. ralph. khoury (CRK) was appointed to undertake the review. Phil has an extensive background in undertaking reviews in the financial services sector (see crkhoury.com.au ).
The Review process included:
-
- Initial briefing and desktop review
- Publishing of consultation issues paper in July (available here)
- Consultation with stakeholders (mostly workshop style, during July, August and September)
- Review of written submissions (September)
- Initial findings presented to stakeholders during October
- A Draft Report for Comment published in November
- Publication of the Final Report in December 2024.