FiDA Regulation: Open Finance’s European Future

Alejandro Martínez · 2026-04-22

French banks and insurers are lobbying hard to soften certain measures of the Financial Data Access (FiDA) regulation. This shows just how worried they are about what this new framework might bring. Behind the technical challenges of data sharing lies a much bigger shift. Open Finance principles are about to reshape Europe’s financial services model entirely. The European Commission is pushing to finalize the Open Finance framework, but reactions are split. In France, most traditional banks and insurers are voicing concerns in Brussels. They worry about cybersecurity risks, compliance costs, and new competitors entering the market—especially U.S. tech giants like Google, Amazon, Facebook, Apple, and Microsoft (GAFAM). This fear comes amid a tense global geopolitical climate. But here’s the thing: the status quo actually benefits those non-European players who are already deep into Open Finance. FiDA could instead create a level playing field that aligns with European data sovereignty goals. Fintechs, on the other hand, see FiDA as a chance to build high-value products based on real consumer needs. Through our client conversations and observations of Brussels negotiations, PwC France & Maghreb offers insights into FiDA’s stakes and some food for thought for financial actors. ### Current State of EU Negotiations Proposed by the European Commission in 2023 as part of the Digital Finance Strategy, FiDA aims to extend Open Banking logic (under PSD2) to all personal and non-personal data for both individuals and businesses across a broad range of financial products—like savings and investment accounts. By expanding data sharing beyond current account details (names, addresses, account numbers) and transaction data, FiDA will open access to savings, retirement, insurance, investment, and credit data. It also introduces a new status: Financial Information Service Provider (FISP). With customer consent, FISPs can access data through standardized sharing schemes. Since the proposal was tabled, preparatory work has continued across Europe. During parliamentary debates, the eligibility of U.S. digital players was a hot topic. An amendment was passed to block entities designated as gatekeepers under the Digital Services Act (DSA) from becoming FISPs. However, neither the European Parliament’s nor the Council’s positions exclude subsidiaries of gatekeepers from being approved as FISPs. Both institutions stress that national authorities should be extra vigilant and enforce strict separation between data obtained via FiDA and other data held by gatekeepers. Since April 2025, trilogue negotiations between Parliament, Council, and Commission have been ongoing. To streamline discussions, the Commission proposed a simplification document in June 2025. ### Why French Banks Are Pushing Back French financial institutions have real concerns. They fear that opening up data access could lead to security breaches and heavy compliance burdens. The cost of adapting systems to meet FiDA’s standards could run into millions of dollars. For a mid-sized bank, that might mean spending $5 million to $10 million just to get compliant. But there’s also a strategic fear: letting in big U.S. tech firms could disrupt their business models. These firms already have massive data advantages and could use FiDA to offer competing services. French banks argue that this would weaken local players and threaten consumer privacy. ### The Fintech Opportunity Fintechs are buzzing about FiDA. They see it as a golden ticket to innovate. With access to richer data, they can create personalized financial advice, better savings tools, and smarter insurance products. For example, a fintech could analyze a user’s entire financial picture—savings, investments, insurance—and suggest a tailored retirement plan. This isn’t just about new features. It’s about putting consumers in control. People could switch providers more easily, compare products transparently, and get services that actually fit their lives. That’s a big win for competition and choice. ### What’s Next for FiDA The trilogues are expected to continue into late 2025. Key sticking points include data security standards, the role of gatekeepers, and how to enforce data separation. The final text will likely include strict rules to prevent abuse by big tech. For U.S. professionals watching European payments news, FiDA is a case study in balancing innovation with regulation. It’s not just about data—it’s about who controls the future of finance. Whether you’re in banking, fintech, or policy, this is a development worth tracking closely.