EBF response to European Commission ‘Have Your Say’ Consultation on Financial Data Access Framework proposal

06 November 2023

The EBF emphasizes the need for a measured approach, striking a balance between the mandatory data sharing elements, and the potential risks on the one hand, and the market driven elements on the other.

The European Banking Federation responded to the European Commission’s ‘Have Your Say’ consultation on the proposal for a Financial Data Access Framework (FIDA). The EBF emphasizes the need for a measured approach, striking a balance between the mandatory data sharing elements, and the potential risks on the one hand, and the market driven elements on the other. The framework needs to set the right incentives for innovation while maintaining customer trust, especially in light of the broad scope and number of actors in the ecosystem.

We recommend to: 

  1. Set out a precise scope.
  2.  Include a clear, gradual approach for the negotiation and development of data sharing schemes, supported by a realistic timeline that reflects the complexity of the process. 
  3. Clearly define “Financial Information Services” and strengthen FISP authorization requirements. 
  4. Clarify roles and responsibilities in the operationalisation of permissions dashboards and ensure strong security and protection from fraud.  
  5. Take lessons learned from PSD2, specify the interplay with relevant regulation, and work towards real cross-sectoral data sharing.  

EBF


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