EU Financial Data Access (FiDA) Regulation

The EU Financial Data Access (FiDA) Regulation is the framework set to extend open banking into open finance across the EU, governing access to a broad range of customer financial data beyond payment accounts.

Key Features

✓Extends open finance beyond payment accounts (savings, investments, pensions, insurance, credit)
✓Financial Data Sharing Schemes (FDSS) for standards, compensation and liability
✓Customer permission dashboards for managing data access
✓Authorised data users and regulated data holders
✓Phased application expected from 2027 onward
✓Part of the EU digital finance and open finance strategy

About FiDA

Proposed by the European Commission in June 2023, the Financial Data Access (FiDA) Regulation is the centrepiece of the EU's open finance agenda. Where PSD2 opened access to payment accounts, FiDA extends regulated, permission-based data sharing to a much wider range of financial data — including savings and investment accounts, pensions, insurance and credit.

Under FiDA, data holders (such as banks, insurers and investment firms) must make customer data available to authorised data users when the customer permits it. Access is organised through Financial Data Sharing Schemes (FDSS) — industry-governed frameworks that set common technical standards, reasonable compensation for data holders, and clear liability rules. Customers manage their consents through permission dashboards.

As of 2026, FiDA is still moving through the EU legislative process. The first trilogue between the European Parliament, the Council and the Commission took place in April 2025, and the Parliament's ECON committee has been finalising its position during 2026. Formal adoption is widely expected around mid-2026, with obligations then applying in phases from 2027 onward as data sharing schemes are established sector by sector.

A notable open debate concerns the role of large technology "gatekeeper" platforms in the ecosystem. The final scope and timeline remain subject to the agreed text.

Related Standards

NextGenPSD2→PSD3 & PSR→UK OB Standard→

Frequently Asked Questions

What is the FiDA Regulation?

The Financial Data Access (FiDA) Regulation is a proposed EU framework that extends open banking into open finance, requiring financial institutions to share a broad range of customer data — with the customer's permission — beyond the payment accounts already covered by PSD2.

What data does FiDA cover?

FiDA is designed to cover financial data such as savings and investment accounts, pensions, insurance and credit products — a significantly wider scope than PSD2, which is limited to payment accounts.

When will FiDA apply?

As of 2026, FiDA is still in trilogue negotiations. Formal adoption is widely expected around mid-2026, with obligations applying in phases from 2027 onward as Financial Data Sharing Schemes are established. Exact dates depend on the final agreed text.

What are Financial Data Sharing Schemes (FDSS)?

FDSS are industry-governed frameworks introduced by FiDA that define the technical standards, compensation for data holders, and liability rules under which customer financial data is shared with authorised data users.

How is FiDA different from PSD2 and PSD3?

PSD2 and PSD3/PSR govern payment accounts and payment services. FiDA is broader open finance legislation covering many other financial data types — savings, investments, pensions, insurance and credit — complementing rather than replacing the payments framework.

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