On June 2, the FinTech Poland Foundation submitted its comments and recommendations to the Ministry of Finance regarding the European Commission’s non-paper on the proposed simplifications to the Financial Data Access Regulation (FIDA).
We welcome the general direction of the proposed simplifications, which aim to create more effective and proportionate regulations while preserving the key objectives of the framework. In particular, we support efforts that:
-
Ensure customers maintain control over their financial data,
-
Enable access to more competitive and innovative financial services,
-
Support entrepreneurship by reducing unnecessary administrative burdens,
-
Promote interoperability and competition within the spirit of open finance.
With regard to specific elements of the FIDA proposal, the Foundation presents the following views:
-
We support the exclusion of large enterprises from the definition of a “customer” (Art. 3) as a pragmatic step that reduces regulatory burden. However, we recommend establishing a clear roadmap for their future inclusion to unlock the full potential of the regulation.
-
We agree with the exclusion of reinsurance undertakings and rating agencies, but emphasize the importance of retaining occupational pension schemes within the scope of FIDA. This supports the goals of the proposed Capital Markets Union and is essential for encouraging long-term financial planning among EU citizens, particularly in light of demographic challenges.
-
We support standardization through recognized European Standardization Organizations (ESOs), in line with the approach adopted in the Data Act. We call for the inclusion of:
-
transparent remuneration rules,
-
a defined set of data points within the regulation itself,
-
clearly established Service Level Agreements (SLAs) and escalation mechanisms.
Furthermore, we recommend that FDSS operators be permitted to intermediate payments within schemes without being required to obtain payment service provider status.
-
-
The proposed 10-year data access period is excessively long. We recommend reducing it to 5 years, with a minimum of 3 years, as a more balanced approach in terms of utility, operational cost, and data privacy protection.
-
Regarding implementation deadlines – due to ambiguities around the mandatory membership in the FDSS and the associated right to remuneration, we propose extending the deadline for joining FDSS from 18 to 48 months following the entry into force of the regulation, if such membership remains obligatory.
The FinTech Poland Foundation remains an active partner in EU regulatory dialogue, committed to supporting the sustainable growth of financial innovation while respecting consumer rights and ensuring fair market competition.


