Breaking open financial data in the EU

• A draft EU law suggests requiring financial firms to open up access to their customers’ data via new dashboards
• Firms would have to join schemes to govern how they share financial data with each other
• Join us for a webinar – What does open finance mean? – on Wednesday 18 October 2023

The EU wants to grow the data economy. One aspect of this is encouraging innovation in financial services by enabling customers to share their data more easily.

The problem is that sharing financial data is difficult. The law is unclear. Customers worry about data privacy. Financial services firms are not incentivised to build the technology to allow for data sharing. Even where the technology exists, the interfaces are not necessarily standardised.

The European Commission has responded by putting forward a regulation which would create a framework for financial data access, known as FIDA.

The proposed framework would:

• apply to a range of data sets, impacting many firms across the EU including banks, payment services firms, investment firms, asset managers, insurers and cryptoasset service providers
• require firms to create dashboards allowing customers to manage who can access their financial information
• push firms to develop common standards for sharing customer data
• oblige firms to put in place interfaces implementing these common standards

Join us on Wednesday 18 October 2023 12.00-13.00 CEST / 11.00am-12.00pm UK time for a webinar in which we will cover:

• What firms would be expected to do under this framework
• The data regulation considerations
• How you can approach this regime strategically, taking into account open banking and other related EU initiatives