European Commission announces withdrawal of FiDA proposal
The European Commission has announced in its 2027 work programme that it intends to withdraw its proposal for a Financial Data Access (FiDA) framework.
Jörg Asmussen, CEO of GDV, comments: “It is good to see the Commission pulling the plug on FiDA. This sends a clear signal that Brussels is serious about strengthening Europe’s competitiveness. Forcing companies to build costly data infrastructures that no customer has asked for will not help Europe move forward. Nor should the financial data of European consumers be handed to major platforms outside Europe on a silver platter.”
FiDA would have tied up substantial resources in developing new interfaces, data systems and dashboards. These financial and human resources are urgently needed for investments in future-oriented areas such as artificial intelligence and cybersecurity. Insurers hope that this decision will set a precedent and encourage a critical reassessment of other legislative initiatives.
When it comes to the Savings and Investments Union, however, the Commission is still not ambitious enough. Mobilising private capital to support growth and transformation requires greater involvement of insurers, Europe's largest institutional investors. This calls for simpler rules across the entire financial sector. A Financial Services Omnibus package should therefore be presented no later than the mid-term review of the Savings and Investments Union in the second quarter of 2027.
