Consumer Data Right policy design
The Government has established a Consumer Data Right through the Customer and Product Data Act 2025.
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The Act establishes a framework for data portability which, when applied to specific sectors through regulations, allows customers in that sector to digitally share specific types of data (such as transaction history) and initiate specific actions (such as payments) with accredited data requestors, such as websites and mobile apps.
Once a sector is designated, organisations in that sector that hold designated data are required to provide that data in a standardised, machine-readable format to accredited data requestors, if the customer has provided specific authorisation. Data must be requested and transferred in accordance with data standards that ensure transfers are secure, and are only made to customers and accredited data requestors. Regulations to designate the banking sector under the Act, enabling ‘open banking’, came into force on 1 December 2025. The Government is also exploring designating the electricity sector to enable ‘open electricity.’
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Open banking
The Customer and Product Data (Designations for Banking and Other Deposit Taking) Regulations designate the banking sector under the Customer and Product Data Act. The regulations enable and accelerate ‘open banking’, which is a system that enables banks’ customers to share their banking information with trusted third parties, such as fintechs. It also enables accredited persons to initiate payments on behalf of customers, if they have the customer’s authorisation.
Open electricity
The Government is exploring the potential to make regulations that designate the electricity sector under the Customer and Product Data Act, which will enable a consumer data right in the electricity sector.
Timeline and key documents for the Customer and Product Data Act
MBIE first consulted the public on this policy in 2020. This page includes the Cabinet papers and consultation documents that contributed towards the passage of the Customer and Product Data Act in March 2025 and subsequent sector designations.
Consumer Data Right Standard – Open Banking
The Customer and Product Data (Banking and Other Deposit Taking) Standards 2025 set out the technical, security, and operational requirements for regulated open banking in New Zealand. These standards are issued under the Customer and Product Data Act 2025 and come into force on 1 December 2025.