Commonwealth Bank has pointed to Facebook's data privacy scandal as it urged the federal government to slow down a plan to introduce a data-sharing regime in financial services.

In a move that could have far-reaching effects on banks and their customers, Treasurer Scott Morrison last year ordered a review into "open banking", a system allowing consumers to securely share their financial data in order to get a better deal.

CBA is concerned about the unintended consequences of open banking and wants a "phased" rollout. Credit:Michael Clayton-Jones

The review, by King & Wood Mallesons partner Scott Farrell, was delivered in February, with Mr Morrison declaring at the time open banking would "revolutionise" the industry.

The government is taking feedback on Mr Farrell's review, and industry sources say it could announce a decision on an open banking regime in the coming months, potentially in the budget.