The European Data Protection Supervisor (EDPS) has published an opinion concerning the proposal for a Regulation on a Financial Data Access Framework and, separately, an opinion about the proposal for a Regulation and Directive on payment services in the EU’s internal market.
The EDPS welcomes efforts within each proposal to ensure consistency with the General Data Protection Regulation (GDPR), but highlights how the proposals should make clear "that the granting of ‘permissions’ to access financial data does not equate to giving consent under the GDPR." Similarly, the EDPS points out that an appropriate legal basis under the GDPR is required for any processing of personal data following a request to access an individual’s financial data.
Wojciech Wiewiórowski, EDPS, said: “Increased sharing of financial data should open new opportunities for individuals, not close doors. Without clear boundaries, one could see higher prices for important financial services or the exclusion of customers with an unfavourable risk profile. Financial authorities and data protection authorities will need to cooperate closely to ensure that individuals and their fundamental rights are protected”.
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