WSBI-ESBG’s Post

Financial sector calls on EU policymakers to reassess the Financial Data Access (#FiDA) Regulation to ensure innovation, security, and competitiveness. Today, Europe’s insurance, banking, and asset management industries issued a joint statement urging co-legislators to uphold their commitments to boost European competitiveness. The signatories stress that the Financial Data Access (FiDA) Regulation should not be finalized before a thorough assessment of its impact across the entire value chain is completed. The statement warns that rushing into implementation without addressing key concerns could undermine both European competitiveness and data protection. The joint statement highlights the need for: 👉 Evidence-backed policymaking to prioritize customer benefits and market demand. 👉 Stronger safeguards for data privacy and security, ensuring new data-sharing entities (FISPs) are held to the same regulatory standards as financial institutions. 👉 Legal clarity to build a workable framework that drives Open Finance in Europe. While supporting the ambition to foster data-driven innovation, the signatories emphasize that any framework must carefully consider its broader impact on consumers, businesses, and the financial ecosystem. The statement was co-signed by the AFME (Association for Financial Markets in Europe), the European Association of Co-operative Banks, the European Banking Federation, EFAMA, WSBI-ESBG and Insurance Europe 📩 Ali-Ashraf Rajabli

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