EU banking data rules set to exclude big tech

Incurring the wrath of the United States government appears to have had a limited impact on the thinking of the European Union, following reports that big tech companies are set to be excluded from reforms to the bloc's financial data market, in the name of protecting consumers.

Challenges to the market dominance of global tech companies have been a regular feature of EU policy in recent years. With negotiations over Financial Data Access, or FiDA, coming to a conclusion, it is reported that companies such as Google, Meta and Apple will be excluded.

The reforms, which have been in discussion for two years, seek to enable third-party service providers to access data from organizations such as banks and insurance companies.