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Consumer data right planned for next year

consumer data right. Similar rights exist in other countries. From our point of view the most important is example is Australia. Our rules look set to follow a similar model. Today Australia’s consumer data right covers banking. Soon it will cover power companies. Over time it will extend to other sectors. One sector at a time New Zealand plans a similar step-by-step approach. In banking a consumer data right means if you, say, found a cheaper mortgage at a rival bank, you could ask your existing bank to send them your records. This makes it easier to shop around for services.

Govt agrees to establish a consumer data right

Hon Dr David Clark The Government has agreed to establish a consumer data right framework for New Zealand, Commerce and Consumer Affairs Minister David Clark announced today. “Consumers should be in the driver’s seat when it comes to how their personal information is used by third parties,” David Clark said. A consumer data right (CDR) is a mechanism that requires data holders, such as banks and electricity retailers, to safely and securely share data with third parties (like fintech companies) following consent from the customer. This means New Zealanders gain access to a wider range of products and services that better meet their needs.

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