The Consumer Data Right (Authorised Deposit-Taking Institutions) Amendment Designation 2023 has been registered to amend the Consumer Data Right (Authorised Deposit-Taking Institutions) Designation 2019 to clarify the scope of the definition of ‘product’ to include letting goods on hire, including on hire-purchase, by Authorised Deposit-Taking Institutions.

The Explanatory Statement states that the intention is to clarify that the definition of “product” includes a lease, including a lease of the following kinds:

• a consumer lease;
• an equipment operating lease;
• a finance lease (for either a vehicle or equipment);
• a novated lease (used for car finance when employees salary sacrifice through their employer, with the lessor making the lease arrangement with the employer);
• vehicle fleet leasing;
• asset finance or ‘asset purchase’ (the provider purchases and owns the asset, and the customer buys it from the provider in instalments over an agreed period, with ownership transferring to the customer upon final payment).

It is intended to capture a lease whether or not the lessee has a right or obligation to purchase the goods to which the lease relates.

Previously, ‘product’ was only defined as a good or service that is or has been offered or supplied to a person in connection with:

• taking money on deposit, for example a savings account;
• making advances of money, for example a mortgage or credit card;
• another financial activity prescribed by regulations for the purposes of the definition of a banking business.

A product also includes a purchased payment facility that is or has been offered or supplied to a person.

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