How will customers be able to control their data sharing under FIDA?

FIDA puts individuals in the driver’s seat when it comes to their financial data, granting them several mechanisms to control its sharing:

  1. Explicit Consent:
  • The core principle of FIDA revolves around informed consent. Users must explicitly approve any data sharing with TPPs (Third Party Providers). This involves clearly understanding the type of data being shared, the purpose of its use, and the TPP involved.
  • Consent must be freely given, specific, informed, and unambiguous. This means individuals can choose which parts of their data to share and with whom. They can also revoke consent at any time.
  1. Access Transparency:
  • Users have the right to know who has accessed their data, when, and for what purpose. This empowers them to track and monitor data usage, ensuring accountability and avoiding unauthorized access.
  1. Data Portability:
  • Individuals can request their data to be transferred to another TPP in a standardized format. This facilitates switching between providers and encourages competition in the market.
  1. Granular Control Options:
  • Some FIDA features might offer even finer-grained control. For example, users might be able to specify access periods or limit the scope of data shared based on specific needs.
  1. Regulatory Safeguards:
  • FIDA establishes regulations to ensure responsible data handling by TPPs. This includes data security measures, privacy protection requirements, and mechanisms for addressing potential misuse.

Overall, FIDA empowers individuals with a range of tools to control their data sharing. By requiring explicit consent, providing access transparency, and supporting data portability, FIDA fosters a user-centric approach to financial data management.

It’s important to note that specific implementation details might vary across EU member states due to potential “gold plating” by national authorities. Therefore, staying informed about local regulations and understanding specific options offered by financial institutions and TPPs is crucial for maximizing control over your data under FIDA.