Joint accounts with no disclosure option set

Please note: the following article has been updated to reflect the change in the Consumer Data Right

Question

If two joint account holders do not agree on a disclosure option for an account, and the account has no disclosure option set, can the account holders still share data from that account, by both approving the authorisation to share?

Answer

The CDR Rules were recently amended for joint account sharing. These amendments ceased support for the previous 'opt-in' model, and introduced a revised 'single-consent' model to be implemented from 1 July 2022. See the ACCC's Revised joint account implementation guidance for insights.

Joint account sharing will be set to 'pre-approval' by default from 1 July 2022. Any joint account holder can use their Disclosure Option Management Service (DOMS) to change to a non-disclosure option, which would disable all joint account data sharing. To change back to a 'less restrictive' option - such as a pre-approval or co-approval option, which would effectively enable joint account data sharing again - all joint account holders need to agree to the change.

In the outlined scenario, the existing rules do not allow any joint account data to be shared unless all joint account holders agree to apply a disclosure option (i.e. 'opt-in'). An authorisation cannot be 'co-approved' where no disclosure option has been applied.