Updated Financial Data Access (FIDA) Regulation Timeline: A Complete Guide

Julius Šakalys
Feb 5
3 min read

Updated: Feb 22

TL;DR

Here's a short summary table you can reference, although there are more details in the blog post below.

Late 2025 (expected)	FIDA becomes law
24 months after	Credit agreements for consumers, accounts, savings, motor insurance.
36 months after	Credit agreements related to residential immovable property, investments in financial instruments, crypto assets, personal pension products, entry knowledge tests
48 months after	Other credit, firm creditworthiness, non-motor insurance, insurance-based investment products, and insurance-based individual pension products.
5 years after	Impact and effectiveness assessment.

Updated FIDA Timeline

On December 4, 2024, the Council of the EU released a revised proposal for the Financial Data Access (FIDA) regulation (the document). This blog post covers the updated FIDA timeline according to the latest information outlined in the Council's proposal.

Key Dates and Timelines

Here's a breakdown of the key dates and timelines associated with the FIDA regulation, based on the latest verified data:

Regulation Entry into Force

20th day following publication in the Official Journal of the European Union. It is rumored that this will happen in late 2025.

Phased Implementation

FIDA will be implemented in three phases, each focusing on specific categories of customer data. This phased approach allows data holders (e.g., banks, insurers) to gradually adapt to the new requirements and ensures a smooth transition to the new data-sharing framework. Articles 9 to 11 of the FIDA regulation, which address financial data sharing scheme membership, requirements, and empowerment for delegated acts, will come into effect 6 months before each phase's commencement to ensure a proper setup of the data-sharing ecosystem.

Phase 1 (24 months after entry into force):

Customer data on credit agreements for consumers
Customer data on accounts
Customer data on savings
Customer data on motor insurance, including data collected for demands and needs assessment (Article 20 of Directive (EU) 2016/97)

Phase 2 (36 months after entry into force):

Customer data on credit agreements for consumers relating to residential immovable property
Customer data on investments in financial instruments, including data related to customers' sustainability preferences and suitability and appropriateness assessments (Article 25 of Directive (EU) 2014/65)
Customer data on crypto assets, including data collected for suitability and appropriateness assessments (Article 81(1) of Regulation (EU) 2023/1114)
Customer data on personal pension products, including information held on Pan-European Pension Product (PEPP) accounts and PEPP contracts
Customer data on entry knowledge tests (Article 21 of Regulation (EU) 2020/1503)

Phase 3 (48 months after entry into force):

Customer data on credit agreements (excluding those covered in Phases 1 and 2)
Customer data forming part of a creditworthiness assessment of a firm
Customer data on non-motor insurance, including data collected for demands and needs assessment (Article 20 of Directive (EU) 2016/97)
Customer data on insurance-based investment products, including data related to customers' sustainability preferences and suitability and appropriateness assessments (Article 30 of Directive (EU) 2016/97) and insurance-based individual pension products

5-Year Evaluation

Five years after the entry into force of FIDA, the European Commission will conduct an evaluation of the regulation and submit a report on its findings to the European Parliament, the Council, and the European Economic and Social Committee. This evaluation will assess the impact of FIDA, including its effectiveness in achieving its objectives and any challenges or areas for improvement.

Implications for Businesses

The phased implementation of FIDA provides businesses with a clear timeline to prepare for compliance. Data holders, such as banks and insurers, must ensure they have the necessary infrastructure and processes in place to securely share customer data. Data users, such as fintech firms, need to understand the data access requirements and opportunities presented by FIDA.

InfraFIDA's Role

InfraFIDA is committed to supporting businesses in navigating the FIDA landscape. Our expertise in open finance and data sharing can help you ensure compliance, optimize data access, and leverage the opportunities presented by FIDA (and more).

Stay Informed

As the FIDA framework evolves, it's crucial to stay informed about the latest developments and requirements. InfraFIDA will continue to provide updates and insights to help you navigate the changing landscape of open finance.