Document ID: chunk:federal_register_of_legislation:F2024C01258:clause:4_4:p62
Version: federal_register_of_legislation:F2024C01258
Segment Type: clause
Provision Reference: sch 4 cl 4 (pt 62/75)
Character Range: 202730–205569

Schedule 4).

Division 4A.2—Disclosure options

4A.4  Simplified outline of this Division

      This Division sets out the disclosure options that can apply to a joint account. These disclosure options are relevant when an accredited person makes a consumer data request on behalf of one joint account holder or a secondary user under Part 4.
      The default option is the pre‑approval option. If this option applies, when the data holder receives a consumer data request, the other account holders are treated as having approved disclosing the data relating to the joint account in response to that request.  However, the other account holders can withdraw this presumed approval in relation to that request at any time.
      Another option is the non‑disclosure option. If this option applies, joint account data cannot be disclosed under these rules.
      The third option is the co‑approval option. If this option applies, joint account data can be disclosed under these rules only with the approval of all the account holders.
      Data holders must offer the pre‑approval option and non‑disclosure option on joint accounts, and may offer the co‑approval option.
      The process for changing the disclosure option is set out in this Division.
      For each joint account, a data holder must offer a disclosure option management service that can be used by joint account holders to select and manage these disclosure options.
      However, the data holder will not be liable for a failure to comply with this Part if it considered that the relevant act or omission was necessary in order to prevent physical, psychological or financial harm or abuse to any person.

4A.5  Disclosure options for joint accounts

Disclosure options
 (1) Disclosure of joint account data may be authorised only as permitted by the disclosure option that applies to the joint account.  This may be any of the following:
 (a) the pre‑approval option, under which joint account data may be disclosed in response to a valid consumer data request on the authorisation of the requester without the approval of the relevant account holders;
 (b) the co‑approval option, under which joint account data may be disclosed in response to a valid consumer data request only after:
 (i) the requester has authorised the disclosure; and
 (ii) each of the relevant joint account holders has approved the disclosure;
 (c) the non‑disclosure option, under which joint account data may not be disclosed even in response to a valid consumer data request.
 (2) The data holder must provide for the pre‑approval and non‑disclosure options to be available for a joint account.
 (3) The data holder may provide for the co‑approval option to be available for a joint account.
 (4) For the purposes of rule 4A.12, where the pre‑approval option applies to a joint account