In 2018, the previous government consulted on Smart Data - specifically whether and how to extend the benefits of Smart Data to sectors beyond retail banking (delivered through Open Banking). Consultation responses were received from the technology, energy, communications, and financial sectors, as well as charities and academia.
	Respondents were in favour of the extension of Smart Data and generally in favour of legislation to mandate industry involvement in Smart Data initiatives, though some wanted more time for voluntary approaches to develop first. No significant voluntary schemes have developed in the absence of effective legislation and regulations.
	The previous government’s consultation response committed to primary legislation to extend the government's powers to mandate participation in Smart Data initiatives.
	The previous government considered that a voluntary approach would lead to continued slow progress and possible duplication of work across sectors. Delays would stem from limited incentives for data holders to share data; this has been evidenced in the slow progress of similar voluntary schemes, such as the Data Transfer Project and Open Transport. As companies in scope of the schemes are likely to bear much of the cost of Smart Data, there is a high risk that no schemes will voluntarily emerge on a wide scale.
Consultations Access to customer data and business data