The European Third Party Providers Association published a commentary calling on EU institutions to keep the proposed Financial Data Access (FiDA) Regulation on the agenda and to accelerate trilogue negotiations, arguing that further delays or withdrawal would leave open finance to evolve through proprietary, non-EU data ecosystems as AI-driven consumer finance use cases expand. The association points to widespread use of generative AI tools for financial, wealth and insurance advice, which it says already involves consumers sharing personal and sometimes highly sensitive financial data. It cites a 2025 Lloyds Banking Group survey finding that 56% of UK adults used artificial intelligence tools in the past 12 months to manage personal finances, and notes that the European Insurance and Occupational Pensions Authority has asked the European Commission whether AI-based customer chatbots could fall under the Insurance Distribution Directive (Q&A 3407). It argues that, without an EU framework for data sharing, the status quo encourages unregulated data collection and increases European banks’ and insurers’ dependence on US infrastructures and intermediaries, and it challenges insurers’ claims that FiDA would mainly benefit Big Tech, including by referencing estimates that France’s insurance sector spends EUR 450 million to EUR 730 million annually on digital advertising via Google and Meta. While arguing against shelving FiDA, the paper calls for improvements including more progressive implementation, clearer prioritisation of use cases, stronger attention to cybersecurity and operational sustainability, and greater customer focus, alongside early investment in data infrastructure and interoperability.
European Third Party Providers Association 2026-03-30
European Third Party Providers Association urges EU institutions to accelerate FiDA talks to prevent open finance being shaped by Big Tech ecosystems
The European Third Party Providers Association urged EU institutions to keep the proposed Financial Data Access Regulation on the agenda and accelerate trilogue negotiations, warning that delays or withdrawal would leave open finance to develop via proprietary, non-EU data ecosystems as AI-driven consumer finance expands. It highlighted growing consumer use of generative AI tools for financial advice, risks of unregulated data collection and reliance on US infrastructures, and disputed claims that the framework would mainly benefit Big Tech. The paper supports FiDA but calls for more progressive implementation, clearer use case prioritisation, stronger cybersecurity and operational focus, and early investment in data infrastructure and interoperability.