The Open Finance specialization has taken an active role in reviewing the European Commission’s latest proposals to simplify the FIDA (Financial Data Access) framework. The revised approach focuses on narrowing the customer base to individuals and SMEs, limiting historical data access, excluding certain market actors, and introducing harmonised interoperability standards — all aimed at creating a more proportionate, retail-oriented data sharing model.
In parallel, the proposals seek alignment with existing and upcoming regulations, including the Data Act, Digital Markets Act, and the PSD3/PSR package, notably by adjusting the licensing scope for financial information service providers and streamlining dashboards for consent management. These developments mark a pivotal moment for Open Finance in Europe, and the specialization continues to provide expert input to ensure the framework supports innovation while safeguarding consumer trust and market fairness.
