FIDA
Published on
05/11/2026
Updated on
05/11/2026
Reading time
3 min
Last updated: 5 November 2026
FIDA (Financial Data Access) was the European Commission’s proposal for an EU regulation on access to financial data. It was meant to extend the open banking principle of PSD2 beyond payment accounts to the financial sector as a whole. On 4 November 2026 the Commission announced in its 2027 work programme that it intends to withdraw the proposal. The most common misconception: FIDA never became law. There are no FIDA obligations – and with the withdrawal there will be none for the foreseeable future.
What the proposal contained
The draft of 28 June 2023 would have given customers a right to have their financial data retrieved by third parties, well beyond the payment account. Four building blocks carried it:
- Broad scope: loans and mortgages, savings, securities and crypto-asset holdings, pension products, insurance (excluding health and life insurance) and creditworthiness assessments
- Financial Information Service Providers (FISP): a new category of providers subject to authorisation
- Financial Data Sharing Schemes: rulebooks for interfaces, liability and compensation, to be developed by market participants themselves – the Commission would have stepped in by delegated act only as a fallback
- Permission Dashboards: an overview of the data permissions granted, revocable at any time
The regulation would also have amended the regulations governing the European supervisory authorities and the DORA Regulation.
How it differs from PSD2, PSD3 and PSR
FIDA would not have replaced payments regulation but sat alongside it: PSD2 governs access to payment accounts, FIDA was to cover all other financial data. The withdrawal therefore affects neither the existing PSD2 interfaces nor the ongoing procedure on PSD3 and PSR. What falls away is the binding framework for everything beyond the payment account.
The road to the withdrawal
Parliament never adopted a first-reading position; the procedure file still reads “Awaiting Parliament’s position in 1st reading”. FIDA appears as number 5 in Annex III of the 2027 work programme – the list of withdrawals. The Commission gives this reason:
“The file has been pending with co-legislators more than three years. No trilogues have taken place since June 2025 and the file is unlikely to secure support in the Council within a reasonable timeframe.”
Important for context: the withdrawal has been announced, not carried out. For all 18 listed files the work programme states only a six-month window, not a date. Until then the proposal formally remains pending.
What remains
Access to payment accounts stays regulated as before. For data beyond that there is no binding Union-wide right of access for the time being; exchange remains a matter of contractual arrangements and market-driven standards, on which the Berlin Group among others is working. Whether voluntary solutions can deliver what a regulation was meant to compel is an open question – experience with earlier attempts suggests that reach and commitment will be weaker.
What it means for banks and payment service providers
For institutions that had started FIDA preparations, the time pressure disappears – the effort spent is not wasted for that reason. Permission management, clean data holdings and robust interfaces are needed in any case: for PSD3 and PSR, for payee verification and for connecting digital identities. Anyone who built these blocks as a FIDA project should carry them on as a general capability rather than mothball them.
Whether the subject returns in another form is open. Several industry associations have called for a successor approach since the announcement; none has been announced. That is an expectation, not a settled matter.