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.