Financial Data Access Regulation (FiDA)

FiDA is a proposed EU regulation that establishes rules for accessing financial data, including the protection and security of such data. Its aim is to ensure transparent, secure, and efficient access to financial data, supporting innovation and digital transformation in the financial sector. FiDA builds on and complements other key cross-sector digital markets initiatives – in particular the EU Data Act. Collectively, these policies aim to foster data-driven innovation and a competitive digital ecosystem that benefits both consumers and businesses across sectors.

The regulation gives consumers and SMEs the right to authorize third parties to access and use their financial data. This mirrors the Open Banking data-sharing provisions under PSD2. However, while PSD2 only applies to payments accounts, FIDA covers almost all customer data held by financial institutions. It thus also contains other obligations, such as data access management, personal data protection, transparency in data sharing, and the implementation of appropriate security measures to protect data from unauthorized access and misuse.

Under FiDA, data holders are required to provide access to customer data and develop appropriate interfaces in line with defined standards. Consequently, the degree of digital maturity will significantly affect the ability to meet FiDA requirements and overcome common challenges, such as distributed data storage, data standardization, and Interoperability. FiDA pays attention to both front-end requirements as well as back-end capabilities, focused on managing secure access, monitoring usage, and handling consent management effectively. These are already complex and Fida brings additional pressure on professionalizing such processes and mapping them digitally and in real time. On the other hand, the implementation of the FIDA requirements is also accompanied by numerous opportunities, especially when it comes to data utilization, exchange, and data monetization.

Failure to comply with FiDA requirements can lead to significant penalties and loss of customer trust, which can negatively impact one’s reputation and competitiveness in the market. Our team of experts in cybersecurity, regulatory compliance, law, and risk management will help you prepare for the FiDA requirements. Our services include a comprehensive approach to cybersecurity risk management and compliance, including:

• Regulatory monitoring of FiDA and relevant briefings.
• Assessing FiDA readiness via the preliminary study of the regulation and the as-is state, identifying initial compliance gaps.
• Planning of budget and resource requirements for FIDA implementation.
• Developing corrective measures and supporting the implementation of security measures and technologies for data protection.
• Providing expert guidance on creating internal policies and procedures.
• Assisting in the preparation of necessary documentation for compliance assessment.
• Managing risks associated with data access and sharing.
• Providing support in relation to the establishment of the data sharing schemes.
• Developing and implementing the consent and data access management dashboard.
• Supporting technical adaptations and tooling as well as development of required data ecosystems.

The regulation is currently going through the legislative process. If you want to ensure that your organization is moving in the right direction, feel free to contact us. Prepare for FiDA in advance – we will conduct an initial gap analysis, prepare an action plan for you, provide support in implementing the core requirements and help you to take advantage of the opportunities FiDA brings.