In the rapidly evolving landscape of financial policy, the European Union’s proposed Financial Data Access (FiDA) regulation is an excellent ambition. Yet, as with any ambitious endeavour, it demands careful scrutiny and thoughtful discussion to truly benefit citizens. AMICE, representing the mutual/cooperative insurers of Europe, urges EU decision-makers to pause and reflect on the potential repercussions of this regulation, particularly its impact on consumers, our members/policyholders.

The FiDA regulation aims to enhance and secure the sharing and access of financial data across the EU. While the intention is commendable, AMICE believes that a more thoughtful process would encourage the necessary dialogue with industry stakeholders to ensure its effectiveness. The regulation’s current form raises significant concerns, particularly regarding its scope and the potential consequences for citizens, especially the most vulnerable. Therefore, AMICE urges decision-makers to work with all stakeholders to significantly improve the regulation and especially its added value for consumers.

To learn more about AMICE’s recommendations, download AMICE’s position paper.