PSD2 Insurance

PSD2 Insurance

Does your Professional Indemnity policy cover PSD2?

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.

What am I required to insure?

Here are a few of the liabilities PSD2 requires you to insure:

  • Payment service provider’s liability for unauthorised payment transactions (Article 73)
  • Payment service providers’ liability for non-execution, defective or late execution of payment transactions (Article 89) 
  • Liability in the case of payment initiation services for non-execution, defective or late execution of payment transactions (Article 90)
  • Right of Recourse (Where the liability of a payment service provider under Articles 73 and 89 is attributable to another payment service provider or to an intermediary, that payment service provider or intermediary shall compensate the first payment service provider for any losses incurred or sums paid under Articles 73 and 89.) 

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.

How should I get cover in place?

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.

Does PSD2 affect my business?

According to the FCA, PSD2 is relevant for firms who are currently FCA authorised, as well as firms seeking authorisation. This includes:

  • All existing payment service providers (PSPs), including banks, building societies, credit card providers, money remitters and e-money issuers.
  • A range of firms that are not currently required to be FCA-authorised or regulated, including firms that:
    • provide services that are currently exempt from regulation because of the limited network, ‘digital download’ or commercial agent exemptions
    • provide, or plan to provide, account information and/or payment initiation services

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.

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You can call us to talk more about your business on +44 (0)1223 200650 or +44 (0)20 3865 0149

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About La Playa Science & Technology

Specialist & Independent

Specialist & Independent

La Playa's specialist Science & Tech team can help you protect your business with smart, flexible, high-performance insurance - with a friendly human UI. We understand the risks and pressures you face - and we speak your language.  We’ll support you with great advice - helping you make good decisions for your business. 

In-house IFA

We also offer Business Protection (including Key Person Insurance) and Employee Benefits: a joined up approach with a team of advisers working for your best financial interests - all under one roof

Advice You Can Trust

…from an expert who understands you

Tech-based business is 24/7, global and borderless, exposing you to new risks and liabilities - often in unfamiliar places. As the law struggles to keep pace with technology, insurance can provide a real safety net if you fall foul of changing legislation.

  • Specialist insurance for science and technology
  • Independent professional advice
  • Relationship-based service: right beside you when you make a claim
  • “Can do” culture

Seamless insurance across UK and US

What does “Boutique Service” actually mean?
La Playa’s Personal Risk Concierge means:

  1. dedicated adviser so you can speak to the same person each time
  2. Careful listening to really understand your needs and priorities
  3. As much help as you need with completing forms to provide risk information
  4. A discreet and complimentary appraisal* of your property to assess the risks and ensure you have the right cover where you need it
  5. An independent market review - so you don’t have to shop around comparing policies, cover limits, risks covered and smallprint exclusions
  6. Careful monitoring of the insurers’ financial strength, claims and customer service
  7. An independent recommendation of the best policy for you - and, importantly, why
  8. Specialist policy wordings from underwriters who have demonstrated excellence and deep understanding of your risk exposures. We have analysed a wide range of policy wordings and have selected only the best for our panel. Our advisers have a deep working knowledge of these policies 
  9. An intelligently designed portfolio of protection across multiple asset classes and territories
  10. Advice on how best to manage your risks - to keep you safe but also to keep insurance costs down
  11. Expert guidance on valuations, security and risk management, and connecting you with specialist advisers and suppliers
  12. Direct phone, mobile and email access to your adviser for questions and advice. We aim to respond to emails within 60 minutes
  13. Policy documents emailed to you - no logins and passwords to remember
  14. An advocate beside you if you make a claim - thinking laterally to mitigate the impact, making useful connections to get you back up and running; driving through to a swift and fair financial settlement

Oh, and...

  • No call centres
  • No ‘hold’ music
  • No hidden fees

*subject to availability with our insurer panel

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