🎧In episode 118 of our podcast Alles Legal – Fintech-Recht kompakt, we delve into part three of the FIDA series. Dana Wondra from Payment & Banking speaks with solicitor Awet Yohannes from Annerton about the core of the FIDA Regulation: the so-called FIDA Schemes.
FIDA Schemes: Membership, Content, Governance
Awet Yohannes explains the concept behind Financial Data Sharing Schemes and who is required to participate. These contractual frameworks bring together banks, insurers and consumer protection organisations to agree on common rules for the secure exchange of financial data.
FIDA Schemes go beyond technical standards and interfaces – they also define rules on liability, governance, and remuneration. While the market is expected to develop such schemes independently, the European Commission retains the right to intervene if consensus cannot be reached.
Data Protection and Regulatory Cooperation
FIDA remains faithful to GDPR principles when it comes to data protection: purpose limitation, data minimisation and erasure obligations are fundamental. Furthermore, cooperation between financial supervisory authorities and the European Data Protection Board is envisaged – for example, in assessing creditworthiness or pricing models.
A Controversial Point: Implementation Deadlines
One of the most hotly debated issues: implementation deadlines. The original 18-month timeline proposed by the Commission is widely viewed by market participants as too short. Parliament and Council are therefore advocating for a phased approach, tailored to the complexity of different data categories.
Remuneration Models: Fair and Market-Based
A key difference to PSD2: data holders will be allowed to charge for providing data – provided the remuneration is fair and in line with market standards. For SMEs, fees will be capped at actual costs.
Conclusion
The FIDA Schemes are the heart of the regulation – but also its most complex component. No scheme membership means no access to data.
About this podcast
Alles Legal – Fintech Recht Kompakt delivers sharp, weekly insights into legal and compliance matters in the world of banking. (in German only)
This podcast is a collaboration between Payment & Banking and PayTechLaw.
Each Wednesday, we unpack the legal developments shaping the financial world – clearly, concisely, and without the legal jargon.
Since 2021, PayTechLaw authors and Annerton attorneys have brought depth and clarity to complex topics.
Whether it’s PSD3, DORA, or FiDA – we provide the legal context you need.
In 20 minutes. No detours.
