Unlocking the future of financial data: Launching the Hogan Lovells FiDA impact report

What is the FiDA Impact Report?

The Hogan Lovells FiDA Impact Report considers the opportunities and challenges created by the forthcoming EU Financial Data Access Regulation (“FiDA”). Building on the foundations of PSD2, FiDA is set to transform the financial services landscape by expanding data access rights beyond payments to a much broader range of financial products—including credit, savings, investments, pensions, insurance (excluding health/life), and crypto-assets. The report explores the regulatory journey, key changes, and critical issues raised by FiDA, offering practical insights for financial institutions navigating this evolving environment.

Who should read this report?

This report is essential reading for:

• Banks, insurers, investment firms, brokers, pension funds, loan companies, crypto-asset service providers, and credit reference agencies.
• FinTechs and third-party providers seeking to leverage new data-sharing opportunities.
• Senior leaders, compliance teams, product managers, and legal advisors in financial institutions across the EU and UK.
• Any financial services provider or advisor aiming to understand the impact of open finance and data-driven innovation on their business model.

Why is FiDA important?

FiDA marks a significant evolution in financial data regulation:

• Broader Data Access: It extends customer data access rights to a wider range of financial products, driving innovation and competition.
• New Business Models: The regulation enables new services, such as Financial Information Service Providers (FISPs), and supports embedded finance and cross-sector partnerships.
• Customer Empowerment: FiDA aims to give consumers and SMEs greater control over their financial data, fostering informed decision-making and better financial outcomes.
• Regulatory Challenges: The report highlights areas of uncertainty, including data security, monetisation, and the interplay with existing regulations like PSD2, as well as the implications for “big tech” and third-country providers.
• Implementation and Penalties: With phased implementation timelines and GDPR-style penalties for non-compliance, the stakes are high for getting it right from the outset.

Who to contact for more information?

For tailored advice or to discuss the implications of FiDA for your business, please reach out to the report’s authors.

Download the report here

Authored by Eimear O'Brien, Charles Elliott and Lavan Thasarathakumar.