Document ID: chunk:federal_register_of_legislation:F2020L01688:clause:1_92:p3
Version: federal_register_of_legislation:F2020L01688
Segment Type: clause
Provision Reference: sch 1 cl 92 (pt 3/8)
Character Range: 90146–92884

a joint account if a pre‑approval option or a co‑approval option applies to the joint account.

4.6  Obligation to provide joint account management service

Obligation to provide joint account management service
 (1) For each joint account to which this Part applies, the data holder must provide a service to each joint account holder that:
 (a) allows the joint account holder to indicate whether they would like:
 (i) the pre‑approval option to apply; or
 (ii) if offered by the data holder―the co‑approval option to apply; and
 (b) allows the joint account holder to indicate whether they would like a different disclosure option, or no disclosure option, to apply; and
 (c) complies with this clause.
Note 1: This subclause is a civil penalty provision (see rule 9.8).
Note 2: All joint account holders must indicate that they would like the same disclosure option to apply in order for the disclosure option to apply to the joint account: see subclauses 4.5(1) and (2) of this Schedule.
 (2) Such a service is a joint account management service.

Requirements for joint account management service
 (3) The service must be provided online and, if there is a data holder's consumer dashboard for a joint account holder, may be included in the dashboard.
 (4) The service may, but need not, also be provided other than online.
 (5) The service must give effect to a disclosure option applying or no longer applying as soon as practicable.
 (6) The service must not, when allowing joint account holders to indicate which disclosure option they would like to apply, do any of the following:
 (a) add any requirements to the process beyond those specified in the data standards and these rules;
 (b) offer additional or alternative services as part of the process;
 (c) include or refer to other documents, or provide any other information, so as to reduce comprehensibility;
 (d) offer any pre‑selected options.
 (7) The service must, when allowing a joint account holder to indicate which disclosure option they would like to apply, notify them:
 (a) of the following information about each disclosure option offered using the service:
 (i) what the effect of the disclosure option applying is;
 (ii) that they can indicate at any time that they would no longer like the disclosure option to apply;
 (iii) how they can indicate this;
 (iv) what the effect of indicating this is;
 (v) how the disclosure option operates if there is a secondary user for the joint account; and
 (b) if more than one disclosure option is available―of the difference between the available disclosure options; and
 (c) that, if joint account holders do not indicate that they would like the same disclosure option to apply to the joint account, disclosure of