Assessing whether a banking or non-bank lending product is in scope for CDR

Note:

Version 1 - 9 November 2020

Version 2 - 21 December 2021 - clarifies the ACCC’s view on the meaning of ‘publicly offered’ and reflects rules updates up to Competition and Consumer (Consumer Data Right) Amendment Rules (No. 2) 2021

Version 3 - 27 March 2024 - includes the exemption for trial products and reflects general rules updates up to Competition and Consumer (Consumer Data Right) Amendment Rules (No. 1) 2023

Version 4 - 28 May 2025 - includes updates to reflect changes made by the Competition and Consumer (Consumer Data Right) Amendment (2025 Measures No. 1) Rules 2025.

Purpose

This document is designed to assist data holders in the banking and non-bank lenders (‘NBL’) sectors identify whether a particular product is in scope for data sharing through the Consumer Data Right (CDR). This guide was updated on 28 May 2025 to reflect recent amendments to the CDR Rules, including to expand CDR to the NBL sector, introduce a definition of a ‘covered product’ to specify which products are in scope for CDR and make data sharing voluntary for certain covered products.

This article is intended as general guidance and does not represent or attempt to provide legal advice. It is a matter for each data holder to consider its CDR obligations and whether legal advice is required in relation to each of its products.

We have also provided a series of examples (see Appendix A) indicating how the ACCC is likely to apply relevant factors when considering whether a particular product is a covered product for CDR data sharing.

Data holders should note this guidance may be revised in future as the CDR Rules are amended and the ecosystem matures.

Relevant factors

Under the CDR Rules, a banking or NBL product will be a ‘covered product’ if it satisfies three factors:

1. the product is generally known as being a type of product listed in clause 1.4 of Schedule 3 of the CDR Rules,
2. the product is publicly offered by or on behalf of a data holder, and
3. the product is offered to consumers through a standard form contract.

Factor 1 — Is the product listed in cl 1.4 of Schedule 3 of the CDR Rules?

• If the answer is ‘no’, the product is not a covered product.[1]
• If the answer is ‘yes’, the product will be a covered product if it also satisfies Factors 2 and 3 below.

Clause 1.4 includes both a banking sector only list of covered products, and a banking and NBL sector list of covered products. The list set out in Clause 1.4 is reproduced at Appendix B.

Factor 2 — Is the product publicly offered?

The CDR Rules do not provide a definition of when a product is “publicly offered”. However, the ACCC generally considers this criteria should be interpreted broadly, to make the benefits of CDR as widely available to consumers as is practicable.

The CDR Rules make clear that a product can be a publicly offered product even if it is not able to be acquired by every member of the public — that is, a publicly offered product may be subject to eligibility requirements. For example, a business overdraft may be publicly offered despite not being available to individual consumers, or a farm management account may only be available to particular individuals operating a primary production business. However, products offered only by invitation to select individuals based on criteria that are not publicly available or are commercially sensitive would generally not be considered publicly offered. In the ACCC’s view, most banking and NBL products available to consumers will be regarded as publicly offered products.

Factor 3 — Is the product offered by way of a standard form contract?

The CDR Rules do not provide a definition of a ‘standard form contract’. However, they do include a note referring to section 27 of the Australian Consumer Law (ACL). That section sets out matters that a court may take into account when determining whether a contract is a standard form contract. This reference is included to provide an example of matters to consider only and to help guide CDR participants as to the intended meaning of ‘standard form contract’. 

Some of the relevant considerations, as set out at section 27 of the ACL, include the level of bargaining power between the parties to the contract, whether there was an effective opportunity to negotiate the terms, and that the opportunity to negotiate changes to the terms of the contract was not merely minor or insubstantial in effect. If, for example, a product involves only low levels of negotiation (for example, in relation to interest rates or fees) then it is likely the product satisfies this factor.

The higher the level of negotiation between the data holder and the customer (in particular where a product is specially designed, or highly customised, for the customer) the more likely the product is not offered by way of a standard form contract and therefore not a CDR covered product.

Voluntary data

The Competition and Consumer (Consumer Data Right) Amendment (2025 Measures No. 1) Rules 2025 made data sharing obligations voluntary for the following covered products:

• foreign currency accounts
• consumer leases
• reverse mortgages
• margin loans
• asset finance that is non-standard vehicle finance (e.g. novated leases and fleet finance).

This means a data holder may voluntarily, but is not required to, share data associated with these products in response to a valid request.

Trial products

Data holders are not required to comply with CDR obligations in relation to a covered product while it is a trial product. A covered product in the banking and NBL sectors is a trial product if it is:

• for the purposes of the trial, supplied to 1000 customers or less,
• offered with the description ‘pilot’ or ‘trial’, and
• offered with a statement specifying:
  • a trial period of 6 months or less, and
  • the product may be terminated before the end of the trial period, in which case CDR data in relation to the product may not be available for data sharing under the CDR rules.

However, a product will be subject to data sharing obligations if it ceases to be a trial product. That is, if the product continues to be offered after the end of the trial period or is supplied to over 1000 customers. In these circumstances, a data holder is required to comply with its CDR obligations in relation to the product. This involves responding to consumer or product data requests, including in relation to any CDR data generated while the product was a trial product.

Making “in scope” products accessible to eligible consumers

A data holder must provide a service enabling an eligible CDR consumer to make consumer data requests in relation to required consumer data held by the data holder.

The ACCC considers that required consumer data related to all covered products that satisfy the above 3 factors should be accessible to consumers through the data holder’s request service. All consumer data provided must conform to the CDR Data Standards.  

Applying for an exemption

Data holders may also apply for an exemption in relation to data sharing or other CDR obligations. For more information about how to apply for an exemption please see the ACCC’s Guidance for Applicants Seeking Exemption under Section 56GD.

Appendix A: applying the factors to product examples 

The following table sets out examples of how the above factors could be applied to assess whether a particular product is a covered product.

Please note the following products and their product characteristics are for illustrative purposes only, and should not be taken to indicate that a particular category of product will always be a covered product. For example, in some particular circumstances, an invoice finance product or inventory finance product may not be highly negotiated, and therefore could be considered a covered product. It is important that each data holder consider each of the above factors on a case-by-case basis to arrive at its conclusion regarding its obligations as it is the data holder’s responsibility to ensure it is compliant with its CDR obligations. 

Product	Product description	Application of factors	Conclusion
Business loan	A loan product that can only be used for business purposes. The loan can be of a fixed balance or one that reduces over time. It can be a secured or unsecured loan.	Banking and NBL sector product: business finance Low levels of negotiation involved, e.g. the consumer lacks bargaining power and is unable to negotiate in relation to whether the loan is secured or unsecured, the amount to be borrowed and the structure of repayments Product advertised on the bank or NBL’s website	Covered: this type of business loan is a publicly offered product in the banking and NBL sectors that should be made available for product data and consumer data sharing by the bank or NBL.
Invoice finance	A facility that advances funds against unpaid invoices prior to the business customer/s making payments.	Banking and NBL sector product: business finance Highly negotiated Offered only to institutional banking clients via a specialised relationship manager	Not covered: this type of invoice finance product is unlikely to be considered a ‘publicly offered’ product, and therefore is unlikely to be a CDR covered product.
Equipment loan (also known as a chattel mortgage or a goods loan)	A loan that allows a business to borrow money to purchase an asset. The lender has the asset as security until the business’ repayments are completed.	Banking and NBL sector product: asset finance (including leases) Product advertised on bank’s website Very low level of negotiation involved	Covered: this equipment loan is a publicly offered product in the banking and NBL sectors that should be made available for product data and consumer data sharing by the bank or NBL.
Inventory finance 1	A facility that allows the business to pay its supplier to fulfil a purchase order prior to invoicing its customers.	Banking and NBL sector product: asset finance (including leases) Highly negotiated Offered only to institutional banking clients via a specialised relationship manager	Not covered: this type of inventory finance product is unlikely to be considered a ‘publicly offered’ product, and therefore is unlikely to be considered a CDR covered product.
Inventory finance 2	A facility that allows the business to pay its supplier to fulfil a purchase order prior to invoicing its customers.	Banking and NBL sector product: asset finance (including leases) Low level of negotiation involved Offered only to institutional banking clients via a specialised relationship manager	Covered: this product is a banking and NBL sector product. While it is only offered to large institutional banking clients, it is subject to low levels of negotiation and is therefore likely considered to be publicly offered.
Margin loan	Loan which enables a customer to borrow funds to invest in the share market. The margin loan is secured against the customer’s existing shares or managed funds.	Banking and NBL sector product: a loan for an investment Low level of negotiation involved Product advertised on a non-bank lender’s website Eligibility criteria is not restricted	Covered but voluntary: this type of margin loan is a publicly offered product in the banking and NBL sectors, however, data sharing is voluntary for this product as it falls within the list in clause 3.2(3) of Schedule 3.
Structured investment product with a loan component	Capital guaranteed investment product that includes a loan component to businesses. Product involves a combination of a bank deposit with an option or a leveraged investment in the underlying asset.	Banking and NBL sector product: a loan for an investment, or business finance Highly negotiated Offered primarily to institutional banking clients by negotiation	Not covered: this type of structured investment product is unlikely to be considered a ‘publicly offered’ product, and therefore is unlikely to be a CDR covered product.
Foreign currency transaction account – Trial product	Transaction account that allows customer to make and receive payments in a range of different foreign currencies	Banking sector product: foreign currency account Offered as a trial product for 5 months Product provided to less than 1000 customers Product offered with a statement that it may be terminated before the end of the trial and if so, CDR data in relation to the product may not be available	Trial product: this type of account is a banking product which satisfies the factors in clause 1.5 of Schedule 3.
Foreign currency transaction account	Transaction account that allows customer to make and receive payments in a range of different foreign currencies.	Banking sector product: foreign currency account No substantive negotiations involved Product advertised on bank’s website Generally available to individual and business consumers	Covered but voluntary: this type of foreign currency account is a publicly offered banking product, however, data sharing for this type of product is voluntary as it falls within the list in clause 3.2(3) of Schedule 3.
Business line of credit	Line of credit that can be drawn on by a business if and when needed for a specified term. This line of credit may be secured or unsecured	Banking and NBL sector product: line of credit (business) Low levels of negotiation involved Product advertised on bank’s website	Covered: this type of line of credit for business purposes is a publicly offered product in the banking and NBL sectors that should be made available for product data and consumer data sharing by the bank or NBL.
Multi-option credit facility	Credit facility which allows the customer to utilise multiple products within the overall credit facility. The credit facility has an overall limit and the credit products that are linked to the credit facility are able to be used to drawn down from that umbrella limit.	Banking and NBL sector product: line of credit (business) Facility itself more likely to involve higher level of negotiation The line of credit products that can be used within this facility may be captured separately under CDR	Not covered: this type of credit facility is unlikely to be considered a ‘publicly offered’ product, and therefore is unlikely to be a CDR covered product.
Trade finance	A financial instrument or product that is used by businesses to facilitate trade (importing and/or exporting goods or services).	These types of products are not currently listed in the Rules	Not covered: we do not consider this type of product to be a banking or NBL sector product for the purposes of the CDR Rules.
Reverse mortgage	A financial product that allows a borrower to use the equity in their home as a guarantee for a loan.	Banking and NBL sector product: reverse mortgage Low level of negotiation involved Product advertised on NBL’s website	Covered but voluntary: this type of banking and NBL sector product is likely to be considered a ‘publicly offered’ product, however, data sharing for this type of product is voluntary as it falls in one of the categories listed in clause 3.2(3) of Schedule 3.
Online buy now pay later service offered before 13 July 2026	A service that enables consumers to purchase goods and services by paying part of the purchase price at the time of the transaction and the remainder to the buy now pay later provider in a series of instalments.	Banking and NBL sector product: buy now pay later product Low level to no negotiation involved Product accessible through online platforms and applications/QR codes	Covered: this is a banking and NBL sector product that is publicly offered and likely to be covered for product data (after 13 July 2026) and consumer data sharing (9 November 2026).
Buy now pay later service offered in-store through QR code scan after 13 July 2026	A service that enables consumers to purchase goods and services by paying part of the purchase price at the time of the transaction and the remainder to the buy now pay later provider in a series of instalments.	Banking and NBL sector product: buy now pay later product Low level to no negotiation involved Product accessible through online platforms and applications/QR codes	Covered: this is a banking and NBL sector product that is publicly offered and likely to be covered for product data (12 months after the date that the data holder first offered a BNPL product – ‘BNPL date’) and consumer data sharing (15 months after BNPL date).
Trade payable finance	An uncommitted revolving trade finance facility available to a buyer of goods and services where the bank finances the buyer's payments to approved suppliers before the invoice due date.	These types of products are not listed in the Rules Highly negotiated Offered on limited basis to larger commercial banking clients via specialised relationship managers only	Not covered: we do not consider this type of product to be a banking or NBL sector product for the purposes of the CDR Rules.    Additionally, this product is unlikely to be considered ‘publicly offered’.
Trade receivable finance	Short-term finance to sellers of goods and services whereby the bank purchases individual eligible trade receivables.	These types of products are not listed in the Rules Highly negotiated Offered on limited basis to larger commercial banking clients via specialised relationship managers only	Not covered: we do not consider this type of product to be a banking or NBL sector product for the purposes of the CDR Rules.    Additionally, this product is unlikely to be considered ‘publicly offered’.
Corporate and structured finance	Covers a range of complex financial solutions and is typically provided to large banking clients in a highly tailored manner.	These types of products are not listed in the Rules Highly negotiated and tailored product	Not covered: we do not consider this type of product to be a banking or NBL sector product for the purposes of the CDR Rules.   Additionally, this product is unlikely to be considered ‘publicly offered’.
Financial markets products	Products traded via regulated financial markets	These types of products are not listed in the Rules	Not covered: we do not consider this type of product to be a banking or NBL sector product for the purposes of the CDR Rules.
Bank guarantees or undertakings	Commitments by the bank on behalf of a customer to pay a specified amount to a third party	A guarantee or undertaking may be associated with a loan product or business finance, but is not itself listed in the Rules	Not covered: we do not consider this type of product to be a banking or NBL sector product for the purposes of the CDR Rules.

Appendix B: Clause 1.4 of Schedule 3 to the Competition and Consumer (Consumer Data Right) Rules 2019 

1.4  Meaning of covered product

Products that may be covered products
Item	Column 1: Sector	Column 2: Products
1	Banking and NBL sectors	(a) a personal credit or charge card account; (b) a business credit or charge card account; (c) a residential home loan; (d) a home loan for an investment property; (e) a mortgage offset account; (f) a personal loan; (g) business finance; (h) a loan for an investment; (i) a line of credit (personal); (j) a line of credit (business); (k) an overdraft (personal); (l) an overdraft (business); (m) asset finance (including standard vehicle financing and leases); (n) a consumer lease; (o) a reverse mortgage; (p) a buy now, pay later product.
2	Banking sector only	(a) a savings account; (b) a call account; (c) a term deposit; (d) a current account; (e) a cheque account; (f) a debit card account; (g) a transaction account; (h) a personal basic account; (i) a GST or tax account; (j) a cash management account; (k) a farm management account; (l) a pensioner deeming account; (m) a retirement savings account; (n) a trust account; (o) a foreign currency account.

 [1] For clarity, we do not consider trade finance or structured finance products, as highly specialised products, to fall within any of the product categories currently listed in cl 1.4 of Schedule 3 of the Rules.