‍By: Levi Folk, Founder of Data Front

Publish Date: March 31, 2025

Digital accessibility is no longer optional for businesses operating in the European market. With the European Accessibility Act (EAA) set to take full effect in June 2025, financial service providers, including investment management firms, asset managers, and banks, must comply with new accessibility standards for their digital platforms.

This applies to fund reporting websites, online portals, and investor dashboards, which must be accessible to all users, including those with disabilities. Non-compliance could lead to legal penalties, reputational risks, and potential loss of EU-based clients who expect accessibility in financial services.

With the deadline fast approaching, firms need to act now. Addressing accessibility gaps early will help avoid compliance risks and improve user experience for a broader audience.

Understanding the European Accessibility Act (EAA)

The European Accessibility Act (EAA) is an EU directive introduced in April 2019 to standardize accessibility requirements across member states. Its goal is to remove country-specific rules and create a single framework for businesses providing digital services. 

The EAA applies to websites, mobile apps, and digital platforms, requiring them to meet accessibility standards that support screen readers, keyboard navigation, and other assistive technologies. 

Who Needs to Comply?

According to the EAA, service providers must comply even if parts of their services are subcontracted to a third party, meaning accessibility must be upheld across all interactions. 

Additionally, products used in service delivery that require consumer interaction must also meet accessibility requirements (EAA, Recitals 19 & 20).

Organizations that fall under the scope include:

• Banks, investment firms, and asset managers within the EU.
• Firms outside the EU that provide services to EU-based clients.
• B2B financial technology providers selling digital solutions to investment firms.
• Third-party service providers handling outsourced functions for financial firms.
• Companies offering digital financial products that consumers interact with directly.

How Does EAA Affect Investment Management Websites?

The European Accessibility Act (EAA) introduces strict digital accessibility requirements that investment management firms must follow. This affects everything from fund reporting websites to client-facing digital platforms, making them usable for people with disabilities.

Accessibility Requirements for Digital Platforms

Investment firms need to make their websites, mobile apps, and other digital services compatible with EN 301 549, the EU accessibility standard, which follows WCAG 2.2 AA guidelines. 

This requires adding text alternatives for images and charts, allowing full keyboard navigation, structuring content for screen readers, applying sufficient color contrast, and formatting documents like PDFs for accessibility.

Ignoring these requirements can lead to legal penalties, financial loss, and reputation damage.

Implications for Online Client Services

Digital portals for account management, investment tracking, and transactions must work for all users. 

Platforms should support navigation without barriers, assistive technologies must process financial data accurately, and authentication processes, including multi-factor authentication (MFA), should accommodate users with disabilities. 

Non-compliance risks exclude potential clients and trigger regulatory action.

Accessibility Statements and Compliance Monitoring

Investment firms must maintain transparency by publishing an Accessibility Statement on their website. This statement should clearly outline:

• How the platform complies with EAA accessibility requirements.
• Any existing accessibility limitations and planned improvements.
• Contact details for users to report accessibility issues.

Ongoing compliance monitoring and employee training play a major role in keeping digital services accessible as platforms grow. Staff should be equipped with the knowledge to create and manage content that aligns with accessibility standards.

Business Risks of Non-Compliance

Failing to meet European Accessibility Act (EAA) requirements exposes investment management firms to legal, financial, and competitive risks. 

Non-compliance can lead to steep fines, product bans, reputational damage, and loss of clients who prioritize accessibility and ESG commitments.

Legal and Financial Penalties

The EAA mandates strict enforcement, with fines varying across EU member states, reaching up to €3 million in some cases. Countries including Germany, Ireland, France, Italy, and Austria have introduced significant penalties for businesses that fail to comply as follows:

• Germany: Fines can reach €100,000, and competitors or consumer organizations can file claims under unfair competition laws.
• Ireland: Penalties include fines of up to €60,000 or 18 months in prison for severe violations.
• France: Fines start at €25,000 and rise to €50,000 for repeated breaches. Additional penalties apply if issues persist for over six months.
• Italy: Non-compliant firms face fines between €5,000 and €40,000, with extra penalties for delays in corrective action.
• Austria: Authorities can impose fines of up to €80,000 and restrict or ban non-compliant services.

Reputational and Competitive Risks

Non-compliance damages the brand's reputation and weakens its market position.

• Negative press and regulatory scrutiny can reduce trust in financial institutions.
• Clients prioritizing ESG (Environmental, Social, and Governance) factors may choose competitors with stronger accessibility commitments.
• Investment firms that proactively adopt digital accessibility will gain a competitive advantage over those struggling to meet compliance standards.

Ignoring accessibility requirements puts firms at risk. Acting now helps avoid penalties and builds a business that serves all clients effectively.

With solutions designed for financial services, Data Front allows firms to create accessible fund reporting websites and PDF reports that meet EAA standards while improving user experience.

How Can Investment Firms Achieve Compliance?

Meeting European Accessibility Act (EAA) requirements requires a structured approach. Investment firms must audit digital platforms, improve UX design, and train teams to create accessible financial services. 

Audit and Assess Accessibility

A full accessibility audit helps identify barriers in websites, mobile apps, and client portals. Investment firms should:

• Run audits: Conduct both automated and manual assessments to detect compliance gaps.
• Evaluate tools: Review fund reporting tools, dashboards, and investment calculators for usability issues.
• Test assistive tech: Check platforms with screen readers, voice commands, and other accessibility tools.

Align with WCAG 2.2 AA Standards

WCAG 2.2 AA is the gold standard for digital accessibility and forms the basis for EN 301 549 compliance under the EAA. Firms should align their digital assets with key principles:

• Check contrast: Text and background colors must have enough contrast for readability.
• Enable keyboard use: Websites must be fully functional without a mouse.
• Add alt text: Images, charts, and other non-text content must have clear descriptions for use by screen readers.
• Format documents: PDFs, reports, and investment disclosures should also be accessible via screen readers.

Implement Inclusive User Experience (UX) Design

Accessibility should be integrated into UI/UX design rather than treated as an afterthought. Investment firms should:

• Support assistive tech: Design platforms that work with screen readers, magnifiers, and voice controls.
• Make authentication accessible: Multi-factor authentication (MFA) should be easy for all users.
• Improve navigation: Optimise forms and menus for smooth interaction without barriers.
• Use consistent layouts: Structure content logically to help users process information quickly.

Regular Testing and Employee Training

Accessibility compliance is an ongoing process, not a one-time fix. Firms should:

• Schedule audits: Conduct regular checks to keep platforms accessible as they grow.
• Test with real users: Involve disabled users in usability testing for real-world feedback.
• Train teams: Educate developers, designers, and content creators on accessibility best practices.
• Stay updated: Keep staff informed about EAA updates and evolving WCAG standards.

Use Third-Party Accessibility Solutions

Using external tools can simplify compliance monitoring and implementation. Firms should:

• Use compliance platforms: Detect and fix WCAG and EN 301 549 compliance issues in real-time.
• Automate reporting: Track accessibility progress and flag potential risks early.
• Apply AI fixes: Use AI-powered solutions to improve accessibility for dynamic content and interfaces.
• Consult experts: Work with accessibility specialists and legal advisors to stay ahead of risks.

Using external tools can simplify compliance monitoring and implementation. Firms should detect and fix WCAG compliance issues in real-time, automate reporting, and apply AI-driven solutions for accessibility.

How Data Front Supports Investment Management Websites

Data Front offers tools to centralize fund data, automate reporting, and build accessible investor reports, making compliance easier for investment firms. Schedule a demo with us today to learn more about how we can support your accessibility strategy.

Final Thoughts

The European Accessibility Act (EAA) sets a new standard for digital inclusion in financial services. Investment firms that meet these requirements can reduce legal risks, strengthen their reputation, and reach a broader client base. 

Conducting an accessibility audit, updating digital assets, and building a compliance strategy will help firms stay competitive while creating a more inclusive experience for all users.

FAQs

What is the European Accessibility Act?

The European Accessibility Act (EAA) is an EU law that requires businesses to make their digital services accessible to people with disabilities. It applies to financial services, e-commerce, and other essential online platforms.

Does the European Accessibility Act apply to all websites?

No, it applies to businesses offering key services, such as banking, investment platforms, and online stores. Personal websites and small business sites with limited reach are not included.

What are the exceptions to the European Accessibility Act?

The EAA does not apply to micro-enterprises (fewer than 10 employees and under €2 million turnover) or internal business systems. Some businesses may also be exempt if compliance is too difficult due to technical limitations.

Does every website need an accessibility statement?

Most businesses covered by the EAA must publish an Accessibility Statement explaining their compliance status, known issues, and how users can report accessibility problems. Some exceptions apply based on business size and service type.