Definition
FIDA (Financial Data Access Regulation) is a proposed European regulation on access to financial data. The Commission proposed it on 28 June 2023, together with DSP3 and the PSR, under reference COM(2023) 360.
It would extend the logic of open banking beyond payment accounts, to savings, credit, investment, insurance and pensions. It is the text people mean when they talk about open finance at European level.
Where the text stands
FIDA has been neither adopted nor withdrawn. Unlike DSP3 and the PSR, it has no political agreement, and no date has been announced.
Parliament's procedure file (2023/0205(COD)) has not moved since December 2024. Two political trilogues took place in 2025 without reaching agreement. To restart the talks, the Commission circulated a non-paper on 6 April 2026 that proposes a narrower text (Council, WK 5041/2026). The Irish Council presidency, in the second half of 2026, does not mention FIDA in its programme.
This non-paper counts deadlines in months after an entry into force that does not exist yet. Sharing schemes and the authorisation of providers would come at 18 months. The sharing obligation would start in three phases, at 24, 36 and 48 months. The first phase would cover consumer credit, accounts, savings and motor insurance. None of this is settled.
DSP2 vs FIDA: open banking vs open finance
- DSP2, and then the PSR, open up payment accounts accessible online.
- The FIDA proposal opened up the rest: insurance, consumer and mortgage credit, savings, securities portfolios, pensions and crypto-assets. The 2026 non-paper narrows this scope.
Differences from DSP2 and the PSR
- FIDA is a proposed regulation. Once adopted, it would apply without transposition, like the PSR.
- Access would not be free. Under the PSR, regulated access to payment account data still requires no contract with the bank. Under FIDA, each sharing scheme must set compensation between data holders and data users.
- Data holders and data users organise themselves into schemes (financial data sharing schemes) that set the technical and economic terms for each sector.
- FIDA provides for its own permission dashboard (Article 8 of the proposal). The PSR has its own (Article 43 of the April 2026 compromise, provisional numbering). The PSR compromise does not mention FIDA, and the idea of a single dashboard shared by the two texts is no longer in it.
The roles
- The data holder is the institution that holds the data, such as a bank, insurer, broker or asset manager.
- The data user is the third party that receives it. It must be authorised as a financial information service provider (FISP) or already be regulated in the financial sector.
- The customer gives permission for the sharing and can withdraw it.
An AISP registered under DSP2 would need a FIDA authorisation to access FIDA data, and the Commission has proposed a simplified procedure that reuses its existing file.
What FIDA does not do
- FIDA does not include initiating transactions on accounts other than payment accounts. It only covers reading data.
- FIDA does not replace DSP2. Payment accounts stay under DSP2, then under the PSR.
- FIDA does not cover non-financial data holders. Sharing their data falls under the Data Act.
- FIDA is not adopted. No deadline runs until the text is published in the Official Journal.
In the PSD2 ecosystem
FIDA would do for the rest of finance what DSP2 did for payment accounts, with one major difference in how data holders are paid. The diagram below shows the scope of the 2023 proposal.
Concrete examples
These examples assume an adopted text with a scope close to the 2023 proposal.
- A wealth tracking app that today asks for manual imports for an equity savings plan (PEA) or a life insurance policy could read that data through an API, with the customer's permission.
- An insurance comparison site could read the current policy (cover, deductibles, claims) and compare offers on real data.
- A mortgage broker could retrieve a borrower's income, savings and outstanding loans without asking for statements.
- Insurers and asset managers would have to build APIs, as banks did for DSP2 between 2018 and 2020. The compensation set by the schemes would change the economics compared with DSP2.