The Ministry of Business, Innovation and Employment (MBIE) is seeking feedback on an exposure draft of the Customer and Product Data Bill, which will allow customers to safely access and exchange data held about them.
“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,” says MBIE Manager Consumer Policy, Glen Hildreth.
This could include:
- tailored advice and insights
- product recommendations
- 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.
“The draft Bill builds on international experience and adapts it for Aotearoa New Zealand. It complements existing Privacy Act protections and allows customers to get value from their data while protecting their privacy and data security,” said Mr Hildreth.
“Trust and consent are cornerstones of the Bill, which requires businesses who wish to access data to be accredited. The Bill only permits data exchanges when the customer has given consent.
“The legislation will be applied gradually across the economy on a sector-by-sector basis.. Banking will be the first sector to be designated, building on existing steps taken by the banking industry,” he said.
The Consumer 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.
This consultation runs until 24 July 2023.
Learn more and have your say on the draft law on the MBIE website below, or register your interest for online and in-person seminars.