The proposal for a Regulation on Financial Data Access (FIDA) has entered a period of uncertainty, following the continued standstill in trilogue negotiations.
Efforts to relaunch discussions under the Cyprus Presidency have, for now, not led to concrete progress. A Council Working Party meeting initially scheduled for 24 April was cancelled, and no new meeting has been planned to date. A resumption of trilogue under the current Presidency is therefore considered unlikely.
This pause is not merely procedural. It reflects ongoing political divergence on key elements of the proposal, including:
- the scope of data sharing,
- the role of large digital platforms (‘gatekeepers’),
- and the overall implementation model.
In parallel, the European Commission continues to underline the strategic importance of FIDA. The initiative remains a central component of the EU’s ambition to develop a data-driven financial ecosystem and to extend open finance beyond the scope of open banking.
The coming months will be decisive. The Irish Presidency (July–December 2026) is expected to bring renewed attention to the file, although progress will depend on Member States’ positions and their willingness to converge on key design questions.
At sector level, concerns remain significant. BIPAR has reiterated its opposition to the current proposal, considering it not adapted to the insurance market, where data exchange mechanisms already exist and function effectively when needed and consented to by clients.
Beyond the immediate legislative developments, FIDA reflects a broader trend. Financial data is increasingly being positioned as a shared and regulated resource, with potential implications for market structure, competition and the role of intermediaries.
In that context, the key question is no longer whether data access will shape financial services, but how – and under which conditions.
Becobra members can consult our note analysing the current state of play, policy direction and implications for insurance intermediaries.
