Government Business have posted this article. Click here to read more on the Government website.

The Department for Business and Trade has announced a new Smart Data Council intended to help lower bills for consumers and small firms by making it easier to switch utility providers.

According to the department, the difference between what loyal and new consumers pay for the same service is £1,114 across mobile, mortgages and broadband.

The council will look at ways to extend the benefits of Smart Data to new sectors, allowing consumers and businesses to find essential tariffs best suited to their needs, or reduce the loyalty penalty that customers face when trying to change providers.

The Council features representatives from Citizen’s Advice, Innovate Finance and other stakeholders and will be charged with leading, developing and co-ordinating on new and innovative schemes that utilise the power of Smart Data.

Smart Data involves the secure sharing of customer data with authorised third parties to help improve services for consumers. It is hoped that wider adoption of Smart Data will make it easier for more consumers and small businesses to switch providers of some utilities, therefore supporting families to save money.

Business and trade ,inister 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.”

Image by Gerd Altmann from Pixabay