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European Commission (EC)
Financial Data Access Framework Regulation (FIDA)
FIDA is a flagship initiative of the EU Digital Finance strategy and forms the legislative backbone for the EU-wide implementation of open finance.
FIDA will grant consumers and SMEs the right to authorise third parties – or data users – to access their data held by financial institutions – or data holders. Nearly all financial services data will be within its scope. Firms can play a dual role – data holder and data user.
Financial Data Access Framework Regulation (FIDA)
The Role of FIDA – A Driver for Open Insurance?
The European Commission’s proposed “Framework for Financial Data Access” (FIDA) is key to advancing Open Insurance. It aims to create a unified framework for secure, efficient cross-industry financial data access, promoting a more open and standardized data exchange.
FIDA could boost the development of data-driven insurance products and enable better risk assessment and tailored offerings. It also facilitates the integration of insurance into broader financial services, enhancing customer experience and fostering innovation across the EU by ensuring equal data access for all market participants.
Main Content
Financial Data Access Framework Regulation (FIDA)
This Technical Note provides the main measures contained in the Regulation to achieve the following objectives:
Access to customer data held by financial institutions.
An obligation is introduced to ensure that data are used only for the purposes and under the conditions agreed by the customer. In addition, a data user may only access customer data if it is a financial institution, or if it has been authorised as a provider of financial information services.
Financial data exchange systems.
Data holders, data users and customer associations and organisations shall become members of a financial data sharing scheme regulating access to customer data. Such exchange systems shall include, inter alia, applicable rules including those on membership and transparency, as well as a mechanism through which to amend such rules.
Requirements for data access and organisation.
A financial information service provider may only access customer data if it is authorised to do so by the Competent Authority (CA) of a Member State, and must submit to the CA an application for authorisation including: a programme of operations and a business plan.
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