In this episode of “Alles Legal – Fintech-Recht kompakt”, Annerton lawyer Awet Yohannes explains the new role of Financial Information Service Providers (FISPs) in the EU’s open finance ecosystem. Together with Dana Wondra, he discusses the authorisation requirements, regulatory obligations, and the controversial debate around whether gatekeepers like Apple or Meta should be excluded.
Access to Financial Data Comes at a Price
In the fourth episode of our FIDA series, Annerton lawyer Awet Yohannes joins host Dana Wondra of Payment & Banking to explain the new category of “Financial Information Service Providers” and why major platforms such as Apple or Meta may be excluded from the new rules.
FIDA Requires Authorisation
Under FIDA, companies must obtain authorisation to access financial data – either as a financial institution or, newly defined, as a financial information service provider. The authorisation process is extensive and similar to that of other regulated institutions.
Requirements include:
- A viable business plan
- Governance evidence and DORA compliance
- Security strategies
- Professional indemnity insurance or equivalent guarantees
- Fit-and-proper requirements for senior management
Companies based in third countries must additionally appoint a legal representative in the EU.
Gatekeepers Face Scrutiny
A particularly controversial issue: Should gatekeepers like Apple or Meta be allowed to become financial information service providers? The concern: these companies might access data without any obligation to share theirs. The Data Act already allows restrictions for gatekeepers – and FIDA may go even further, from enhanced supervision to complete exclusion.
Bottom line: No authorisation, no access – and the bar is set high.
About this Podcast
Alles Legal – Fintech-Recht kompakt delivers exciting weekly insights into legal and compliance matters in the banking sector.
The podcast is a collaboration between Payment & Banking and PayTechLaw. Each Wednesday, we explain the latest legal developments in the financial world – concise, clear, and jargon-free. Since 2021, PayTechLaw authors and Annerton lawyers have provided the depth this podcast needs, without slipping into legalese. Whether it’s PSD3, DORA or FiDA: we deliver the context you need. In 20 minutes. Straight to the point.
