The Financial Data Access Regulation (FIDA) is entering a decisive phase in negotiations. FIDA is the EU’s attempt to expand data portability in financial services. Building on open banking, it tries to go one step further by increasing its scope to include a wider range of financial services to achieve true open finance.
This ECRI In-Depth Analysis reviews one of the most contentious aspects of the ongoing negotiations, the explicit exclusion of ‘gatekeepers’ (as defined under the Digital Markets Act) from obtaining a Financial Information Service Provider (FISP) license. It examines whether categorically excluding gatekeepers would be a proportionate response to the market challenges that large tech companies – such as Apple or Meta – represent in financial services.
By analysing the legal basis and conducting a regulatory comparison with other jurisdictions (the US, UK, Switzerland and Australia) this In-Depth Analysis paper aims to contribute to the discussion and highlight why a blanket ban of gatekeepers would undermine innovation and market competition. Instead, it suggests that to reduce risks, it could be wiser to introduce targeted safeguards that protect the market from the systemic vulnerabilities and privacy concerns posed by large technology companies.
