Utility image, via Istock

Smart Data Council aims to cut consumer bills

As the UK is still combatting the ongoing cost of living crisis, a new Smart Data Council has been established to help lower bills for consumers and small businesses alike through making it easier to switch utility providers.

The Department for Business and Trade made this announcement on the 17th April, outlining how the Council will extend the benefits of Smart Data to new sectors, ensuring that consumers and businesses can benefit from the requisite tariffs suitable for their needs, or reduce the loyalty penalty that is charged whilst attempting change providers.

The current loyalty penalties sit at £1,114 a year for households across mobile, mortgages and broadband.

Smart Data allows the secure sharing of customer data with an authorised third party, thus improving the security of consumer’s information. The further integration of Smart Data will then ensure that those needing to switch utilities providers have a smoother transition, which will, in turn, support those in need to save money where needed.

The Council itself will consist of representatives from Citizens Advice, Ofcom and HM Treasury amongst other stakeholders, where they will be tasked with leading developing and co-ordinating on the innovative schemes that will utilise the Smart Data, emulating the success of Open Banking in other sectors which could include telecoms and energy.

Business and Trade Minister Kevin Hollinrake said:

“Smart Data can be a real game changer for consumers across the UK, potentially saving people hundreds or even thousands of pounds a year.

“Our new Smart Data Council will build on the success of Open Banking and spearhead measures in sectors like SME finance, energy and telecoms, increasing competition and putting more money in the pockets of consumers and small firms.”

The inaugural meeting will take place on Tuesday 25th April 2023.

Council Members:

  • The Department for Business and Trade
  • HM Treasury
  • The Department for Energy Security and Net Zero
  • The Department for Science, Innovation and Technology
  • The Information Commissioner’s Office
  • Ofcom
  • Ofgem
  • The Financial Conduct Authority
  • The Competition and Markets Authority
  • TechUK
  • Innovate Finance
  • Icebreaker One
  • Citizens Advice
  • The Coalition for a Digital Economy (COADEC)
  • Open Data Institute
  • Ctrl-Shift
  • Open Banking Implementation Entity (OBIE)
  • The Investing and Saving Alliance (TISA)
PSE October/November 2023

PSE October/November 2023

How the Midlands can be supercharged

Our October/November 2023 edition of PSE brings you expert comment and analysis on a range of key public sector topics, from EV infrastructure to Digital transformation and reducing carbon emissions.



View all videos
#PSE365: Public Sector Events

Be A Part Of It!

PSE365: Public Sector Virtual Events

PSE has created a full calendar of events to address the most important issues that influence the delivery of public sector services. 


Over 365 days you’ll have the opportunity to hear from a range of highly motivating, informative and inspirational speakers. These speakers will equip you with knowledge and unique insight to enable you to overcome the challenges that you face.


See our full events calendar and register now! 

Public Sector Executive Podcast

Ep. 46
Loyalty, Covid pressures, and crucial transport connections
Tom Riordan

In 2020, most of the world stopped. People were forced to stay at home and many people were furloughed. This episode's guest, however, was thrown into the forefront of the government's response to to the Covid-19 pandemic, leading the tracing system and working alongside local and central government bodies.

Host Dan Benn is joined by Tom Riordan, Chief Executive of Leeds City Council, to discuss loyalty, the pressures of Covid-19, and the importance of transport to a city like Leeds.

More articles...

View all