Brussels, Belgium – Today, the Economic and Monetary Committee (ECON) of the European Parliament adopted an Opinion on the Financial Data Access Regulation (FiDA). FiDA opens up access to financial data to provide users with more innovative financial services and stimulate competition in the financial industry. sector.
The Computer & Communications Industry Association (CCIA Europe) expresses deep concern at the Commission's unfounded intention to exclude innovative players from this market. This proposed exemption comes despite significant barriers to entry, as not only are strong safeguards and oversight in place, but only authorized entities can access the data in the first place.
The blanket exclusion of companies designated as “gatekeepers” under the Digital Markets Act (DMA) from this new market is clearly an attempt to protect incumbents, in this case large banks and insurance companies. It is a balanced and discriminatory attempt.
CCIA Europe points out that this prohibition was unfairly inspired by data law and applied out of context to regulations with completely different objectives. Unlike the Data Act, FIDA establishes a specific licensing regime for data users and introduces strong data privacy safeguards. This ban could create a dangerous precedent by unilaterally excluding companies from the market for no apparent reason.
In effect, the Commission's decision deprives users of useful and innovative services by limiting their choices to services developed by incumbents in sectors that desperately need innovation and competition. .
CCIA Europe calls on the EU Parliament and the Council to categorically reject this baseless and total market exclusion.
The following is from Boniface de Champris, Senior Policy Manager at CCIA Europe.
“Completely excluding innovative companies from markets touted as ‘open finance’ contradicts the essence of regulation and ultimately harms consumers. It’s not finance.”
“The ECON Commission is creating an uneven playing field by denying access to financial data to innovative new entrants while depriving European consumers of their right to data protection.” Institutions should not choose companies that operate closed markets.”
“We encourage all MPs to support the main objectives of the FIDA proposal to strengthen competition, promote choice and empower consumers. I chose a major financial company instead.”
About CCIA Europe
CCIA is an international nonprofit trade association representing a wide range of communications and technology companies. As an advocate of the prosperity of Europe's digital economy, CCIA Europe has been actively contributing to EU policy-making since his 2009. Based in Brussels, CCIA's team aims to deepen our understanding of the industry and share our collective expertise in technology, with the aim of developing a well-rounded workforce. Informed policy making in Europe. See below for more information. @CCIAeurope or https://ccianet.org/hub/europe.
