FIDA is still on track.
Recent discussions around the European Commission’s 2025 work programme - its annual strategic plan outlining legislative priorities for the coming year - led to confusion regarding the status of the Commission's proposal for Financial Data Access (FIDA) and whether it would move forward or not. The official publication of the Commission’s 2025 work programme on 11 February confirmed that FIDA remains on the agenda, with institutional negotiations set to begin as planned.
This is a critical step forward. FIDA represents a milestone in consumer financial empowerment, ensuring that Europe continues leading the way in open finance.
In this blogpost, we will explore the latest EU developments and discussions on FIDA.
What happened?
At the beginning of each year, the European Commission publishes a work programme, setting out the key strategies, action plans and legislative initiatives that will form the building blocks for the further work during each term.
Ahead of the 2025 work programme, internal discussions questioned whether FIDA aligned with the Commission’s broader efforts to simplify regulations and reduce administrative burdens. A leaked draft of the programme even suggested that the Commission was considering withdrawing the FIDA proposal. This led to increased uncertainty among the stakeholders in the financial sector, including banks, fintech companies and consumer advocacy groups. The prospect of its removal also led to uncertainty about the EU’s long-term vision for open finance, data accessibility, and innovation-driven financial services.
What made this development particularly unusual was that the FIDA proposal had already made significant headway in both the European Parliament and the Council. Given this progress, the suggestion of a possible withdrawal seemed not only unexpected but also contradictory to the ongoing legislative efforts. For stakeholders, this raised concerns about the stability and predictability of the EU’s financial regulatory agenda.
Despite these developments, the final version of the 2025 work programme retained FIDA, reaffirming the Commission's commitment to advancing open finance and enhancing data-driven financial services in the EU. The inclusion of FIDA underscores the Commission’s strategic focus on modernizing the financial sector by promoting greater data sharing, innovation, and competition, all while ensuring strong consumer protection.
A key proponent of this initiative is Maria Luís Albuquerque, the European Commissioner for Financial Services, who has consistently advocated for policies that enhance financial literacy and empower consumers, such as FIDA. During a recent event, Commissioner Albuquerque defended the FIDA proposal and called on the co-legislators to “make rapid progress”.
Looking ahead, the legislative process will now move forward, with trilogue negotiations between the European Parliament, the Council, and the Commission expected to start in Q2 2025. With this momentum, a final agreement on FIDA can be expected this year.
Why FIDA matters for consumers.
The FIDA proposal is a transformative step toward empowering consumers by giving them greater control over their financial data. It aims to improve transparency and provide real-time access to financial services, creating a more open and competitive financial ecosystem. Without FIDA, consumers would remain disconnected from their financial information, stalling financial literacy and limiting competition. With FIDA, consumers can look forward to a future that is driven by innovation, where they have more control over their financial decisions and they can access better financial products, tailored to individual needs.
At Insurely, we welcome the inclusion of FIDA in the 2025 Commission work programme , as we believe it is essential for the future of finance. By ensuring that financial data is accessible, transparent, and secure, FIDA paves the way for a financial future where individuals have full control over their financial lives.
As discussions progress, we look forward to seeing FIDA become a reality—benefiting consumers and driving innovation across the industry. If you want to discuss this further, don't hesitate to reach out.
