On 15 December 2023, the European Parliament’s Economic and Monetary Affairs Committee published a draft report on the proposed Regulation on a framework for financial data access (FIDA).

The FIDA proposal seeks to enable consumers and firms to more efficiently control access to their financial data beyond payments thereby allowing them to benefit from financial products and services that are tailored to meet their needs while keeping in check associated risks. This represents a shift from open banking with the revised Payment Services Directive towards open finance that should also promote digital transformation and speed up the adoption of data-driven business models in the EU financial sector.

The rapporteur who has produced the draft report, Michiel Hoogeveen, welcomes the FiDA proposal and fully supports both its overall objective and general direction. He is nevertheless of the opinion that the proposal can be positively amended concerning several key features and these are set out in the draft report.