MBIE is seeking feedback on the draft version of the Customer and Product Data Bill.
Glen Hildreth, Manager Consumer Policy, MBIE, says the draft Bill complements existing Privacy Act protections, and allows customers to get value from their data while protecting their privacy and data security.
“Trust and consent are cornerstones of the Bill, which requires businesses who wish to access data to be accredited,” he says. “The Bill only permits data exchanges when the customer has given consent.
“Each time customers interact with businesses data is created about them. Used in the right way this data can provide valuable insights to help customers access and compare products that better meet their needs.
“This could include tailored advice and insights, product recommendations, or analysing applications for services. The intention of the bill is that such innovation will ultimately increase competition, boost productivity and efficiency for businesses, and save people time and effort.”
Hildreth says the legislation will be applied across the economy on a sector-by-sector basis with banking first on the list.
The Customer and Product Data Bill is expected to be introduced to the House by the end of the year. It gives effect to the Government’s decision to establish a consumer data right.
Richard Klipin, CEO, Financial Services Council says: “Following the FSC’s response to the options for establishing a consumer data right in New Zealand in 2020, the FSC will collate member feedback to form an industry view on the exposure draft of this Bill.
“As technology risks increase, it is important to our members to protect their customers’ personal and financial information and we welcome the opportunity to work with MBIE to best ensure these outcomes are achieved.”
MBIE’s consultation on the draft bill runs until 24 July 2023.
You can learn more and have your say on the draft bill on the MBIE website here: www.mbie.govt.nz/cdr. You can also register your interest in information seminars.