{"id":10101,"date":"2026-05-07T13:10:36","date_gmt":"2026-05-07T11:10:36","guid":{"rendered":"https:\/\/becobra.be\/?p=10101"},"modified":"2026-05-08T14:06:56","modified_gmt":"2026-05-08T12:06:56","slug":"financial-data-access-fida-state-of-play-policy-direction-and-implications-for-insurance-intermediaries","status":"publish","type":"post","link":"https:\/\/becobra.be\/en\/financial-data-access-fida-state-of-play-policy-direction-and-implications-for-insurance-intermediaries\/","title":{"rendered":"Financial Data Access (FIDA): state of play, policy direction and implications for insurance intermediaries"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\"><strong>Executive summary<\/strong><\/h2>\n\n\n\n<p>The proposal for a Regulation on Financial Data Access (FIDA) is currently in a phase of political uncertainty, with trilogue negotiations suspended and no structured relaunch confirmed to date.<\/p>\n\n\n\n<p>This situation reflects not only technical disagreements, but also broader questions regarding the design and appropriateness of the framework, in particular for sectors such as insurance.<\/p>\n\n\n\n<p>At the same time, the European Commission maintains a clear and consistent position: financial data access forms part of the EU\u2019s broader agenda to foster a data-driven economy and to extend open finance beyond open banking.<\/p>\n\n\n\n<p>The direction of travel is therefore not in question. However, the way in which this objective should be implemented \u2013 and the balance between innovation, proportionality and market structure \u2013 remains contested.<\/p>\n\n\n\n<p>For insurance intermediaries, the debate is structural. It concerns:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>access to and control over client data,<\/li>\n\n\n\n<li>the organisation of competition in financial services, and<\/li>\n\n\n\n<li>the future role of intermediaries in a data-driven environment.<\/li>\n<\/ul>\n\n\n\n<p>At sector level, BIPAR has adopted a clear stance at this stage, opposing the current proposal as not sufficiently adapted to the insurance market, while supporting the broader objective of a data-driven economy.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\ud83e\udded Latest developments<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Trilogues remain suspended following political divergence on key elements of the proposal.<\/li>\n\n\n\n<li>Attempts to relaunch discussions have not yet resulted in concrete progress.<\/li>\n\n\n\n<li>Renewed momentum is expected under a future Presidency, but timing and outcome remain uncertain.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>1. <strong>Legislative context: a stalled but active file<\/strong><\/strong><\/h2>\n\n\n\n<p>FIDA was proposed as part of the EU\u2019s digital finance strategy, extending the logic of open banking into a broader open finance framework.<\/p>\n\n\n\n<p>Its objective is to establish a harmonised system governing<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>access to customer financial data, <\/li>\n\n\n\n<li>the sharing of that data between market participants, and <\/li>\n\n\n\n<li>the development of data-driven services.<\/li>\n<\/ul>\n\n\n\n<p>Recent developments confirm that negotiations remain paused rather than concluded, reflecting unresolved political questions on key design features of the framework.<\/p>\n\n\n\n<p>While the legislative timeline remains uncertain, the underlying direction \u2013 towards increased data access and data-driven financial services \u2013 is widely acknowledged. FIDA should therefore be understood as a structurally relevant initiative, currently in a phase of political calibration.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>2. <strong>The Commission position: FIDA as systemic infrastructure<\/strong><\/strong><\/h2>\n\n\n\n<p>The European Commission continues to frame FIDA as a structural initiative.<\/p>\n\n\n\n<p>Financial data access is presented as a driver of competitiveness and as a key component of the EU\u2019s data economy. The proposal is positioned as a necessary step to make existing data portability rights effective in practice.<\/p>\n\n\n\n<p>Within this logic, the Commission does not support approaches that would make implementation conditional on market demand. Instead, it favours a structured and phased rollout, consistent with the Single Market objective and the principle that customers should control the use of their data.<\/p>\n\n\n\n<p>This phased implementation approach remains subject to political agreement.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>3. <strong>Core political tensions<\/strong><\/strong><\/h2>\n\n\n\n<p>A first area of discussion concerns scope and proportionality. Under both the Commission proposal and the Council approach, entities excluded from DORA \u2013 such as micro and SME insurance intermediaries \u2013 may also be excluded from the scope of FIDA. While this aims to avoid disproportionate burdens, it raises questions regarding the coherence of the framework and the position of intermediaries within broader data flows.<\/p>\n\n\n\n<p>A second issue concerns the definition of \u2018customer data\u2019. The proposal focuses on data provided by the customer or observed through the use of financial services, while excluding value-added elements such as internal analysis, suitability assessments or advisory outputs. This distinction determines what becomes accessible under FIDA and what remains proprietary.<\/p>\n\n\n\n<p>A related concern is the potential asymmetry for intermediaries. Even where formally excluded from scope, intermediaries may remain involved in the collection and structuring of client data. In such cases, they may contribute to data flows that become accessible within the framework, without benefiting from corresponding rights or compensation mechanisms.<\/p>\n\n\n\n<p>A third area of disagreement concerns the treatment of large digital platforms (\u2018gatekeepers\u2019). Member States remain divided on whether to restrict or exclude such actors. This issue is closely linked to broader concerns regarding competition, level playing field, consumer protection and EU digital sovereignty. <\/p>\n\n\n\n<p>Finally, the implementation model itself remains contested. Alternative approaches have been explored, but no consensus has emerged to date. Future progress depends on political convergence on these structural questions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>4. <strong>A structural shift: data as regulated infrastructure<\/strong><\/strong><\/h2>\n\n\n\n<p>Beyond the legislative discussions, FIDA reflects a broader transformation in financial services.<\/p>\n\n\n\n<p>Data is progressively moving from being an asset controlled by individual firms to becoming a more shared and regulated layer within the financial system.<\/p>\n\n\n\n<p>As a result, competitive advantage is likely to depend less on exclusive access to data and more on the ability to use data effectively within a regulated environment. <\/p>\n\n\n\n<p>FIDA should therefore be understood not only as a regulatory initiative, but as a reorganisation of value creation in financial services.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>5. <strong>Implications for insurance intermediaries<\/strong><\/strong><\/h2>\n\n\n\n<p>For intermediaries, the implications are structural rather than immediate.<\/p>\n\n\n\n<p>Client data is likely to become part of a broader ecosystem in which customers may authorise access to multiple actors. This may enable new entrants to develop services outside traditional distribution channels.<\/p>\n\n\n\n<p>In this context, the value proposition of intermediaries is expected to evolve, with increased emphasis on:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>interpretation and advice,<\/li>\n\n\n\n<li>client trust,<\/li>\n\n\n\n<li>and service quality.<\/li>\n<\/ul>\n\n\n\n<p>At the same time, concerns remain regarding:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>potential competitive disadvantages for smaller intermediaries,<\/li>\n\n\n\n<li>disproportionate operational impacts, even where formally out of scope,<\/li>\n\n\n\n<li>and limited recognition of intermediaries\u2019 role in generating and structuring client data.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>6. <strong>Sector position and next steps<\/strong><\/strong><\/h2>\n\n\n\n<p>At sector level, concerns remain substantial.<\/p>\n\n\n\n<p>As reflected in discussions within BIPAR, the current FIDA proposal is considered not fully adapted to the insurance market, where efficient data-exchange mechanisms already exist.<\/p>\n\n\n\n<p>Concerns focus in particular on:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>the scope and definition of data,<\/li>\n\n\n\n<li>the potential asymmetry for intermediaries excluded from the framework,<\/li>\n\n\n\n<li>and the broader impact on competition and market structure.<\/li>\n<\/ul>\n\n\n\n<p>BIPAR has indicated that it will continue to review its position in light of developments and contribute to the policy discussion in the coming period.<\/p>\n\n\n\n<p>The coming phase will be decisive, although timing and outcomes remain uncertain.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Conclusion<\/h2>\n\n\n\n<p>FIDA is currently in a phase of uncertainty. However, its underlying direction is clear.<\/p>\n\n\n\n<p>Data access and sharing are set to play an increasingly central role in the organisation of financial markets, whether through FIDA or alternative frameworks.<\/p>\n\n\n\n<p>For intermediaries, the challenge is twofold: to contribute to shaping a proportionate and balanced framework, and to anticipate a market environment where value is increasingly driven by data, interpretation and client trust, rather than exclusive control over information.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong><strong>Disclaimer<\/strong><\/strong><\/h4>\n\n\n\n<p>This document is provided for information purposes only. It does not constitute legal advice and may evolve as the European legislative process progresses.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Executive summary The proposal for a Regulation on Financial Data Access (FIDA) is currently in a phase of political uncertainty, with trilogue negotiations suspended and no structured relaunch confirmed to date. This situation reflects not only technical disagreements, but also broader questions regarding the design and appropriateness of the framework, in particular for sectors such [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":10087,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[44,50],"tags":[83,91],"rol":[81],"class_list":["post-10101","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legal-affairs-and-compliance","category-systems-and-operations","tag-private","tag-slotje","rol-standaard-lid"],"acf":[],"_links":{"self":[{"href":"https:\/\/becobra.be\/en\/wp-json\/wp\/v2\/posts\/10101","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/becobra.be\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/becobra.be\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/becobra.be\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/becobra.be\/en\/wp-json\/wp\/v2\/comments?post=10101"}],"version-history":[{"count":3,"href":"https:\/\/becobra.be\/en\/wp-json\/wp\/v2\/posts\/10101\/revisions"}],"predecessor-version":[{"id":10106,"href":"https:\/\/becobra.be\/en\/wp-json\/wp\/v2\/posts\/10101\/revisions\/10106"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/becobra.be\/en\/wp-json\/wp\/v2\/media\/10087"}],"wp:attachment":[{"href":"https:\/\/becobra.be\/en\/wp-json\/wp\/v2\/media?parent=10101"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/becobra.be\/en\/wp-json\/wp\/v2\/categories?post=10101"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/becobra.be\/en\/wp-json\/wp\/v2\/tags?post=10101"},{"taxonomy":"rol","embeddable":true,"href":"https:\/\/becobra.be\/en\/wp-json\/wp\/v2\/rol?post=10101"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}