Competition and Consumer (Consumer Data Right) Rules 2020
Part 4A: Joint accounts – Competition and Consumer (Consumer Data Right) Rules 2020

Competition and Consumer (Consumer Data Right) Rules 2020 4A.8: Rule 4A.8: run the agreement process for a change to a less restrictive option

Where a holder proposes moving from non-disclosure to co-approval or pre-approval, or from co-approval to pre-approval, the data holder must, as soon as practicable through its ordinary means of contacting the other holders, explain the consumer data right, the current option, the proposal, that all holders must agree, any alternative options and how to use them, and invite them to agree or reject within a specified period (civil penalty); at the end of the period it must tell all holders whether everyone approved and the new option applies, or not and the option is unchanged (civil penalty).

Maintained by Gerard Blokdyk

Other controls in Part 4A: Joint accounts – Competition and Consumer (Consumer Data Right) Rules 2020

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