Exploring a consumer data right for the banking sector

MBIE consulted on proposals to designate the banking sector under the Customer Product Data Bill

The Government is introducing legislation to create a framework for the timely, secure, standardised exchange of data in designated sectors. This is the Customer and Product Data Bill (the Bill). The Bill is generic and is applied to particular sectors by passing regulations. The banking sector is being considered for designation under this Bill (as is the electricity sector).

MBIE published a discussion document that sought feedback on the:

• scope of open banking designation regulations
• requisite accreditation criteria required for accredited requestors to access data
• appropriate fees and relevant standards necessary for a functioning regime
• costs, benefits and risks associated with an open banking designation.

MBIE will use this consultation process, along with further research, to advise on regulations and standards under the Bill. Further analysis will consider options, benefits, costs, other industry-led work and implementation.

Submissions received

We received 30 written submissions on the banking designation discussion paper and 2 cross referenced submissions from the Electricity sector, on the ‘Open banking regulations and standards under the Customer and Product Data Bill’. We have published the 30 submissions where publication was authorised by the submitter. Submitters had a range of views on proposals from the discussion paper and alignment to existing industry standards. We are now analysing submissions received, and we advise Ministers on recommended options in the coming months.

View the submissions received during consultation:

Submissions made in response to the proposals to designate the banking sector under the Consumer Product Data Bill(external link)