Exploring a consumer data right for the banking sector

About this consultation

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). We are interested in hearing your feedback. 

What we are seeking feedback on

This discussion paper seeks your views 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.