Europe’s insurers and financial services players have called for an impact assessment of new open finance rules under the Financial Data Access Regulation (FiDA), after the European Parliament adopted its position last week to pave the way for trilogue negotiations to begin early in 2025.
In a joint statement, Insurance Europe and several banking associations said the regulation on data exchange between companies and sectors should not be implemented until a full assessment is completed to measure whether the rules, intended to make customers’ financial data accessible to financial services firms and third parties, delivers benefits to citizens while allowing the sector to continue to be competitive.
They said “further time for crucial scrutiny” is needed to assess the impact of the new rules for consumers and industry, based on more evidence, warning that FiDA risks “falling short of its ambition”. It added that the existing impact assessment does not adequately assess costs and has not provided evidence of customer and market demand for data sharing.
German insurance association GDV also called for improvements in the FiDA framework, criticising the regulation for tying up firms’ resources – in particular the requirement for real-time data delivery – without any benefit for customers.
Legislators argue that better data sharing will allow financial services players to provide access to personalised financial products and services to citizens and SMEs while guaranteeing customers retain control of their data.
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