PSD2 is an update to the EU's Payment Services Directive. It applies to a broad range of Fintech activities and businesses, including AISPs (Account Information Service Providers) and PISPs (Payment Initiation Service Providers). PSD2 is enforced in the UK by the FCA.
Currently, only a minority of UK insurers are providing insurance that complies with PSD2 regulation, Payment Services Regulation 2017. To review your existing cover, or get a free quotation for Professional Indemnity insurance which does comply with PSD2, click here.
Here are a few of the liabilities PSD2 requires you to insure:
Full guidelines of your liability are available on the FCA website, but you can also talk to one of our expert insurers - click here for a free quotation.
Talk to your compliance department/your consultants about what policy limit will satisfy your firm's obligations. Insurance limit and excess levels are specified by PSD2 and calculation criteria are provided by the EBA.
Work with an A-rated international insurer. Be sure their finances are rock solid, and that they're experts in the fintech sector, and know your legal obligations inside out.
La Playa is a Fintech insurance specialist - we offer free, no obligation quotations and expert advice - just click here.
Did you know? Market-leading crisis response services are available with all our PI & Cyber Insurance purchases.
According to the FCA, PSD2 is relevant for firms who are currently FCA authorised, as well as firms seeking authorisation. This includes:
If you're in any doubt over your professional indemnity insurance and its PSD2 compliance, we'd be happy to review your existing cover. Click here for an expert quotation.
Annette B, Company Secretary, ICT
Specialist & Independent
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