Hon Scott Simpson
Minister of Commerce and Consumer Affairs

Easier data sharing will lead to greater competition and better choice for consumers in key markets such as banking and electricity, thanks to today’s passing of the Customer and Product Data Bill, says Commerce and Consumer Affairs Minister Scott Simpson.

“The days of manually searching the internet for the best electricity plan, or painstakingly going line by line through months of bank statements when applying for a mortgage, could soon be over. Using your own data shouldn’t be that difficult, and it won’t be in the future,” says Mr Simpson.

“This is a monumental step for Kiwi consumers. It sets up the framework to give them greater ownership of their data, and more power and ease when it comes to shopping around for the best deal on utilities and other essential services.

“It will also help grow New Zealand’s economy by breaking down the barriers for innovative technology companies, meaning they can also save time and money and offer new data-driven products and services.

“Progressing this Bill was recommended by the Commerce Commission following its market study of the banking sector. We are on track to have open banking operational by the end of the year – well before the June 2026 target set by the Commission – with regulations specific to the sector to be confirmed in the coming weeks.

“The next cab off the rank will be the electricity sector, to enable open electricity, and the legislation opens up possibilities in other sectors in future.

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“This legislation is very timely, with the media reporting just last week on exactly why a consumer data regime was needed. For instance, a Commerce Commission study found that nearly a third of mobile and broadband users have not switched providers because it was simply too hard.

“Meanwhile in the electricity sector, comparison website Powerswitch says that because not all retailers are playing ball and sharing information, it is difficult to support people wanting to switch.

“The data has always been there – but businesses holding it have had little incentive to invest in better data-sharing technology and agreements. We’re putting the power back into the hands of those who own the data: consumers.

“I am excited to see the competition, choice, and innovation that this will unleash.”

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