EU Commission Proposes New Open-Banking Regulation to Strengthen Consumer Data Rights

On 10 December 2025, the European Commission proposed a regulatory update aimed at strengthening consumer data rights in banking and fintech — part of a broader push toward data protection and financial market transparency.

🔗 Commission proposal:
https://ec.europa.eu/finance/data-regulation/open-banking-proposal-2025_en

🔄 Key Proposed Changes

• Consumers will have the right to transfer their banking data securely between banks and fintech platforms on demand.
• Banks and fintech companies must meet new standards on data security and privacy.
• The proposal includes strict rules on data portability, transparency of charges, and consumer consent.

🏦 Why It Matters

• Improved data portability can foster competition among banks and fintechs.
• Consumers could benefit from better-tailored products, smarter budgeting tools, and easier switching between providers.
• Enhanced regulation may increase trust in open-banking services.

⚠️ Implementation & What to Watch

• The regulation is expected to take effect by 2027, giving banks and financial institutions time to adapt.
• Costs of compliance may initially push up banking fees or slow product innovation.
• Security standards will be critical — any breach or mis-step may lead to loss of trust and heavy fines.

📌 What This Means for Users

• You may soon have more control over your banking data — easier to move accounts, compare services, or aggregate finances.
• Fintech tools could become more powerful and competitive.
• Regulators will monitor compliance — good for data safety and consumer protection.

Disclaimer: This article is for educational purposes only. It does not constitute legal, financial, or data-protection advice.

Source: https://ec.europa.eu/finance/data-regulation/open-banking-proposal-2025_en