On February 10, 2025, the future of the Financial Data Access (FiDA) initiative took an unexpected turn. A leaked working paper from the European Commission revealed that FiDA had been placed under Annex IV, the annex for withdrawals, effectively signaling its potential abandonment. The leak caused immediate turbulence across the financial sector, raising concerns that the EU might be stepping back from one of its key initiatives in the field of open finance. Prominent media outlets quickly picked up on the story, speculating on the reasons behind this apparent retreat and its implications for the broader goals of the EU Data Strategy (Börsen-Zeitung, 10.02.2025; Das Investment, 12.02.2025; Politico, 10.02.2025).
The initial reports suggested that intense lobbying efforts might have contributed to FiDA’s inclusion in Annex IV (Politico, 10.02.2025). Observers feared that the initiative, designed to promote data transparency and interoperability across financial services, could fall victim to political and industry pressures (Investment, 12.02.2025). Given FiDA’s critical role in enabling a more open financial ecosystem, its withdrawal would have marked a major setback for the EU’s ambition to lead in the digital economy and capitalize on the full potential of financial data (Börsen-Zeitung, 10.02.2025).
However, later that same day, the European Commission published its official 2025 Commission Work Programme, accompanied by updated annexes. In a surprising turn of events, FiDA was now listed in Annex III, the annex for pending proposals, indicating that the initiative had not been withdrawn but remained on the legislative agenda (European Commission, 11.02.2025). This sudden shift brought temporary relief to stakeholders in the financial services industry. The move suggests that FiDA’s future remains under consideration, but it also leaves open questions about the Commission’s intentions, timeline and the political maneuvering behind the scenes.
FiDA’s repositioning in Annex III, item 36 could be interpreted as a reaffirmation of the EU’s commitment to its broader Data Strategy and the principles of open finance. Nevertheless, some industry experts remain cautious.
For now, FiDA is back on track, at least on paper. Its continued presence in the EU’s 2025 legislative work programme keeps hope alive for those advocating for greater financial data transparency and access. The initiative, if realized, would play a pivotal role in building a more competitive and innovative financial services landscape across Europe. As the Commission refines its priorities and strategy, the financial sector will be closely watching for further developments.
For full details, visit the European Commission’s 2025 Work Programme and Annexes.