Consumer Access to Capital in the Age of FinTech and Big Data: the Limits of EU Law

There is much hype about the potential for technological innovation (FinTech) and big data to transform and deliver financial services to consumers. The aim of this paper is to analyse, from the perspective of financial inclusion and consumer protection, the extent to which the current European Union legal framework is prepared to respond to the challenges posed by such innovation in the context of the prospective opportunities and detriment for consumers. Departing from an assessment of the already problematic and jeopardised uses of traditional credit data in the Member States, it concludes that the risks are likely to contrast or outweigh the benefits, but the legal framework does not seem fit for purpose despite the enactment of brand new legislation.