In June 2023, the European Commission (EC) launched the call for feedback on the Financial Data Access Regulation (FIDA).
FIDA, previously referred to as Open finance Framework (OFF), is part of the EU digital finance strategy initiatives. FIDA aims to enable data sharing and third-party access for a wide range of financial sectors and products, in line with data protection and consumer protection rules. It is based on the principle that financial services customers own and control the data they supply, and the data created on their behalf.
FIDA is a hot topic for ESBG members and after meaningful exchanges, on 23rd October, ESBG responded to EC consultation submitting the ESBG Position Paper on FIDA.
Some of ESBG positions concern the definitions around customer data and data sharing schemes, the nature of compensation costs, customer permissions clarifications, and the timeframe as well as approach preferred to join the financial data sharing schemes.
The executive summary of the ESBG Position Paper on FIDA can be found here.
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