CA ANZ made a submission to the Ministry of Business, Innovation and Employment on the proposed open banking regulations and standards under the Customer and Product Data Bill (the Bill).

We reiterated our comments on the Bill, noting that it does not clearly define who is captured by regime. This makes it difficult to assess the impact of the proposed designation on our members.

We highlighted our experience of the Australian regime and the risk of disruption to the existing relationship between accountants and their clients. This has the potential to undermine the intention of the Bill, which is to give customers more control over who can access and use their data, and to promote competition.