The EU’s Financial Data Access (FIDA) rules have yet to be settled but once they are finalized, banks will have little time to accommodate them.
Banks must ready themselves for the EU’s far-reaching FIDA regulations even though the new data legislation has yet to be signed off.
The Financial Data Access (FIDA) rules could come into force as early as 2027. They will require banks and other financial institutions to share customer data with third parties when requested by clients. To comply, banks will need to change their IT systems, update governance models, and rework internal processes.
The timelines are aggressive. According to Christopher Schmitz, partner at EY Parthenon, banks will have just 24 months from the moment FIDA is passed into law to meet its first set of requirements. The FIDA rules are currently being negotiated in a trilogue between the EU Commission, Council, and Parliament.
“Progress is happening. We might see FIDA finalized in the second half of this year,” says Schmitz.
FIDA’s journey from draft to mandate
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