A new EU regulation is set to fundamentally change how we all interact with financial services. EY Partner Kathrina Murphy spoke with Newstalk’s Breakfast Business to explain what the Financial Data Access regulation (FiDA) means for consumers, businesses, and the financial sector.
At its core, FiDA is about giving you control over your own financial data. Right now, that data sits in silos, held separately by your bank, your insurer, your pension provider. FiDA would allow you to securely share that data across providers, with your permission, so you can access better deals, smarter advice, and a clearer picture of your finances in one place.
For consumers, that could mean using voice assistants or AI-powered apps to manage budgeting, savings, and investments based on your full financial profile, not just one slice of it. For SMEs, it could unlock faster credit assessments and better financing options. And for banks and financial institutions, it is both an opportunity and a wake-up call. FiDA will lower the barriers to switching, making customer retention through innovation more important than ever.
Kathrina is clear that this is not simply a compliance exercise. It is a business model reset, with AI at its centre. The direction of travel is set, even if the timeline continues to evolve, with the earliest data exchange now expected from Q4 2028.
