A number of organisations active in the European financial sector called on the European Parliament and the Council of the EU on Monday 9 December to avoid concluding negotiations on the Financial Data Access Regulation (‘FiDA’) before a thorough assessment of its impact on the entire value chain has been carried out.
“Despite some positive improvements introduced in the European Parliament and the Council positions, they remain very broad in scope, particularly in terms of data categories, and do not adequately address the competitiveness and data protection concerns”, six organisations, including the European Insurance Federation and the European Banking Federation, said in a statement.
They underline the need to reconcile customer value, market demand and costs for financial institutions before any implementation. The impact assessment of the proposed legislation did not take sufficient account of these factors or demonstrate the interest of customers and the market in data sharing.
“The FiDA framework needs to be driven by demonstrated evidence of benefits to customers and market demand, as otherwise it risks undermining the competitiveness of financial institutions operating in the EU/EEA”, the organisations argued.
In addition, the industry insisted on the need to examine the data protection implications with regard to financial information service providers from third countries, on which the text would legislate (see EUROPE 13470/7).
See the Council’s negotiating mandate: https://aeur.eu/f/emn
See the report by the European Parliament Committee on Economic and Financial Affairs: https://aeur.eu/f/eq6 (Original version in French by Bernard Denuit)