The Customer and Product Data Act was passed into law on 29 March 2025, having marched its way through the final stages of the legislative process in less than a month with the benefit of cross-party support.

Important changes were made to the Act at the Select Committee stage, including a new power allowing MBIE to approve outside organisations – like the API Centre – to play a principal role in managing the regime.

A host of changes were also made to simplify the regime, in response to industry concerns about its complexity.

Meanwhile, industry engagement on the important regulations, standards and designations that accompany the Act is ongoing, with the Minister in charge Scott Simpson saying he will be seeking Cabinet approval on an open banking designation “very shortly” and is committed to having open banking “fully operational” by the end of 2025.

Read more about the changes to the Act and the latest progress towards open banking in Hudson Gavin Martin’s comprehensive and freshly updated report here.

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