Further action must be taken to force major banks to come to the table on data sharing to empower competition, says new MoneyMe chairman Jamie McPhee, in a rebuke to the open banking regime nearly four years after its introduction.

Mr McPhee, the ex-boss of the now Bank of Queensland-owned ME Bank and former chairman of SocietyOne, said the much-vaunted consumer data right has “got to be legislated and forced” to drive better outcomes for consumers.