Can nominated representatives be nominated for trust account types?
Yes, if the CDR consumer for the trust account is a non-individual or partner in a partnership. The CDR consumer is the person who CDR data relates to because of the supply of a service to the person (for example, the person that is receiving services relating to a trust account that is provided by the data holder). We encourage data holders to seek their own advice to make that determination in relation to the trust account products they offer, particularly noting that data holders may have a range of different structures for providing trust account products to their customers.
When do data sharing and related obligations commence for trust account types?
Trust accounts are a phase 3 product and related obligations have commenced in accordance with regulation 28RB of the Competition and Consumer Regulations 2010. Initial data holders, i.e. Commonwealth Bank, Westpac, NAB and ANZ, have been required to share trust account data for all account types since 1 November 2021. However, clause 6.7 of Schedule 3 modifies the commencement date to 1 November 2022 for data holders who aren’t initial data holders in certain circumstances – for example, where the obligations relate to nominated representatives, non-individuals or partnerships.
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