Brussels, BELGIUM – Today, the European Parliament’s Economic and Monetary Affairs Committee (ECON) has stirred controversy with its decision on the Financial Data Access Regulation (FiDA) as it faces criticism for limiting consumer choice, hurting competition, and stifling innovation in the financial sector.
The Computer & Communications Industry Association (CCIA Europe) has expressed strong opposition to the Committee's move, particularly its intention to exclude innovative players from the market. CCIA Europe highlights concerns about the exclusion of companies labeled as ‘gatekeepers’ under the Digital Markets Act (DMA), viewing it as a move to protect incumbents like large banks and insurance companies.
According to CCIA Europe’s Senior Policy Manager, Boniface de Champris, the exclusion of innovative companies is a contradiction to the essence of open finance and ultimately harms consumers. He criticized the ECON Committee for creating an unlevel playing field and denying new entrants access to financial data while compromising consumers' data protection rights.
In response to the ECON Committee’s decision, CCIA Europe calls on the EU Parliament and Council to reject the blanket market exclusion, emphasizing the importance of enhancing competition, promoting choice, and empowering consumers in the financial sector.
Boniface de Champris further urged MEPs to support the main purpose of the FIDA proposal, emphasizing the significance of open innovation over favoring large financial corporations. He stated, "The ECON Committee has today chosen large financial corporations over open innovation."
The debate surrounding the ECON Committee's decision underscores the ongoing tension between fostering innovation and competition in the financial sector while ensuring consumer protection and market access for new entrants.
