The sharing and use of data by financial and non-financial institutions could improve consumer conditions in terms of new services and products but it also increases risks of financial exclusion, discrimination and data protection breaches. The proposed Open Finance Regulation enables customers and financial entities to access a wide range of financial data. However, it is important to ensure that sufficient and appropriate safeguards are in place so consumers’ personal data is not misused and that consumers can continue having access to affordable and inclusive financial services.