[ARCHIVE] Clarification of section 2.1 of the CDR Rules

Note: This article is out of date and has been archived. It refers to rule changes that have since been implemented.

For information on eligible CDR consumers in the banking sector, see the compliance guide for data holders - banking sector.

Archived Text

Question

Section 2.1(2)(a) of the Consumer Data Right Rules provides reference to an ‘individual who is 18 years of age’ (Meaning of eligible section). What does the word ‘individual’ mean in the context of business products which are tailored for businesses/organisations e.g. business savings accounts, business Term Deposit, business Credit Card)?

Answer 

The proposed amendment to clause 2.1 to clarify that a CDR consumer is eligible, is an individual who has an account with the data holder and is the account holder. This amendment is to clarify that the accounts in scope are those where the account holder is a natural person (not a legal person, e.g. a corporate entity). A business account will be in scope if the account is held in the name of one or two natural persons (e.g. a sole trader business).

We have consulted on further rules to bring in accounts where the account is held by a corporate entity or relates to a business partnership.