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ARTICLE · 12 JULY 2017

New Guidance Finalised On Professional Indemnity Insurance Requirements Under PSD2

Pinsent Masons
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The guidance will apply from 13 January 2018, the date on which PSD2 must take effect in national legislation across EU member states.

European UnionTechnology
Out-Law.Com  
Out-Law.Com  

The European Banking Authority (EBA) has finalised guidance for some financial technology (fintech) companies on the type of professional indemnity insurance, or comparable guarantee, they will need to put in place to operate in the EU's payment services market next year.

The EBA's finalised guidance (66-page / 535KB PDF) is designed to reflect rules set out in the EU's revised Payment Services Directive (PSD2). The guidance will apply from 13 January 2018, the date on which PSD2 must take effect in national legislation across EU member states.

The guidance contains a formula designed to help financial regulators to check whether the level of professional indemnity insurance or other comparable guarantee is sufficient to cover the potential liabilities that payment initiation service providers (PISPs) and account information service providers (AISPs) face under PSD2.

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