Financial services should follow open banking, industry body says

Freer moving data could skirt burdensome AML regulation. (Image: NZME)

Fri, 27 Oct 2023

Accredited New Zealand stock exchange market participants are putting their hands up to follow open banking once consumer data rights rules are bedded in. The Securities Industry Association (SIA), which represents broking firms, wealth managers and investment banks, has urged government officials to give an early steer on what sector will follow the banking sector in having to adopt consumer data rights. In the association’s submission on the proposed Product and Customer Data Bill, it said the broader financial services sector...

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