Key points for consumers on open finance

This two-pager summarises BEUC’s main recommendations for trilogue negotiations between the European Parliament and the Council on the Commission’s proposed framework for Financial Data Access (FiDA).

The proposed Open Finance Regulation allows consumers to selectively share a wide range of financial data, enabling innovative services and better conditions from financial and non-financial institutions. While more competition can benefit consumers, it also increases the risk of financial exclusion, discrimination, and data protection breaches. Strong safeguards are essential to prevent data misuse, privacy and security risks.