🔹 Simplification & EU Competitiveness: Time to Revisit FiDA 🔹 The EU’s simplification and competitiveness agenda are duly noted. As are the omnibus packages being released. But should we not also look at legislation developed under the previous legislature?. The EACB would see at least the FIDA proposal as being in need of revision as it lacks clear customer demand, has an overly broad scope, lacks operational feasibility, presents an unrealistic timeline for the rollout of the schemes, and relies excessively on Level 2 measures. To align with the EU’s agenda, FiDA must: ✔ Focus on two targeted, evidence-based use cases ✔ Limit FiDA’s application to natural persons and SMEs in the EU ✔ Exclude gatekeepers ✔ Allow a market-led rollout over 5+ years ✔ Address operational concerns regarding the permission dashboard ✔ Avoid excessive reliance on RTSs and Guidelines Without key adjustments, FiDA risks harming consumers and Europe’s banking sector—EACB would advocate for its withdrawal if these concerns are not addressed. Find our full recommendations here: https://lnkd.in/debc97ZT #EU #FinancialRegulation #Competitiveness #DataAccess #DigitalFinance #EACB
