The European Commission has included the proposed Financial Data Access Regulation (FiDA) among the legislative proposals it intends to withdraw, as announced in its 2027 Work Programme published on 4 November 2026.<\/p>\n\n\n\n
As previously reported by Becobra, FiDA’s future had become increasingly uncertain. The Commission now confirms its intention not to pursue the proposal in its current form.<\/p>\n\n\n\n
Introduced in June 2023, FiDA aimed to establish a European framework for Open Finance<\/em>, extending customer-controlled data sharing beyond banking to other financial services, including insurance.<\/p>\n\n\n\n By establishing a framework for sharing certain financial data with third parties, subject to customer permission, the proposal sought to encourage innovation, improve customer choice and facilitate more personalised financial services. For insurance intermediaries, better access to relevant data could also support more efficient advice, market comparisons and a more comprehensive understanding of clients’ needs.<\/p>\n\n\n\n However, the proposal required an extensive new regulatory and technical infrastructure, including data-sharing schemes and additional obligations for financial institutions and intermediaries.<\/p>\n\n\n\n While supporting the objectives of innovation and customer control over financial data, BIPAR and its national associations, including Becobra, questioned whether the proposed framework was proportionate and sufficiently adapted to insurance intermediation. These concerns were raised with European and national policymakers throughout the legislative process.<\/p>\n\n\n\n The main issues included:<\/p>\n\n\n\n The concerns were not about the objectives of Open Finance themselves, but whether the proposed framework offered a proportionate, workable and sufficiently secure way to achieve them.m die doelstellingen te verwezenlijken.<\/p>\n\n\n\n The Commission explains that the proposal has been under discussion for more than three years, that no trilogue meetings have taken place since June 2025 and that sufficient Council support is unlikely within a reasonable timeframe.<\/p>\n\n\n\n The intended withdrawal is also consistent with the Commission’s broader agenda of regulatory simplification and competitiveness.<\/p>\n\n\n\n The Commission intends to withdraw FiDA within six months. The formal withdrawal remains to be completed, and no replacement proposal has been announced.<\/p>\n\n\n\n Nevertheless, the debate on financial data sharing remains highly relevant, particularly as digitalisation and artificial intelligence create new opportunities and challenges regarding access to, control over and the use of financial information.<\/p>\n\n\n\n For independent insurance intermediaries, access to reliable and transferable customer data can support effective advice, competition and customer choice. Any future approach must therefore avoid both disproportionate obligations and competitive imbalances that could restrict access to information or favour particular market participants.<\/p>\n\n\n\n Future initiatives should start from demonstrated consumer needs and concrete insurance-market use cases, with proportionate requirements, fair access, robust data protection and recognition of the specific role of and value added by insurance brokers and risk advisers.<\/p>\n","protected":false},"excerpt":{"rendered":" The European Commission has included the proposed Financial Data Access Regulation (FiDA) among the legislative proposals it intends to withdraw, as announced in its 2027 Work Programme published on 4 November 2026. As previously reported by Becobra, FiDA’s future had become increasingly uncertain. The Commission now confirms its intention not to pursue the proposal in […]<\/p>\n","protected":false},"author":3,"featured_media":14153,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[44,50],"tags":[85],"rol":[81],"class_list":["post-14156","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legal-affairs-and-compliance","category-systems-and-operations","tag-public","rol-standaard-lid"],"acf":[],"_links":{"self":[{"href":"https:\/\/becobra.be\/en\/wp-json\/wp\/v2\/posts\/14156","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=14156"}],"version-history":[{"count":3,"href":"https:\/\/becobra.be\/en\/wp-json\/wp\/v2\/posts\/14156\/revisions"}],"predecessor-version":[{"id":14165,"href":"https:\/\/becobra.be\/en\/wp-json\/wp\/v2\/posts\/14156\/revisions\/14165"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/becobra.be\/en\/wp-json\/wp\/v2\/media\/14153"}],"wp:attachment":[{"href":"https:\/\/becobra.be\/en\/wp-json\/wp\/v2\/media?parent=14156"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/becobra.be\/en\/wp-json\/wp\/v2\/categories?post=14156"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/becobra.be\/en\/wp-json\/wp\/v2\/tags?post=14156"},{"taxonomy":"rol","embeddable":true,"href":"https:\/\/becobra.be\/en\/wp-json\/wp\/v2\/rol?post=14156"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Why did insurance intermediaries raise concerns?<\/strong><\/strong><\/h2>\n\n\n\n
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Why does the Commission intend to withdraw FiDA?<\/strong><\/strong><\/h2>\n\n\n\n
What comes next for Open Finance?<\/strong><\/strong><\/h2>\n\n\n\n