A new bill that would allow consumers to share their data with companies hopes to give people more power. 

The Consumer and Product Data Bill has been introduced to Parliament. 

It aims to prevent scams and encourage competition in banking, insurance, and telecommunications companies. 

Commerce and Consumer Affairs Minister Andrew Bayly told Mike Hosking that it would be the start of open banking in New Zealand. 

He says over time it will drive competition and lower prices for people. 

LISTEN ABOVE