PSD2 Insurance

— PRODUCTS AND SERVICES

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Lockton’s PSD2 compliant fintech insurance solution is designed to meet the insurance regulatory requirements for Account Information Service Providers (AISP), Payment Initiation Service Providers (PISP), Electronic Money Institutions (EMI) and Payment Institutions.

As a Fintech applying for FCA authorisation to conduct AISP or PISP activities, you will need to evidence you have obtained a PSD2 compliant insurance policy as part of your application.

Our PSD2 Insurance policies include the following covers which adhere to the requirements of the regulators in one streamline solution

- Professional Indemnity

- Data Security

- Directors and Officers Liability (optional)

Lockton’s Difference

Our policies allow for an automatic reinstatement of your limit of indemnity up to the minimum insurance amount as stipulated by the European Banking Authority (EBA) for Payment Service Regulation Claims. This provides you with the added piece of mind that you will always hold the required limit threshold.
Our PSD2 insurance solution ensures that all your covers are housed within one streamline solution so claims cannot slip through the gaps. This allows for easier management of your insurance policies

Lockton’s Fintech team can assist with the calculation of your required limit through our PSD2 calculator to ensure that your policy is tailored to your individual requirements.
We work closely with regulatory bodies and lawyers to ensure that we are aware of any upcoming changes to legislation which may impact your insurance requirements.

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PSD2 Insurance FAQs

What is PSD2 Insurance?

PSD2 is a revised legislation following the review of the initial Payment Services Directive (PSD).

The legislation aims to improve the payments system for customers by making the sector safer and more transparent, whilst improving fraud and competition for merchants.

As an AISP or a PISP do I need to hold insurance?

Under the PSD2 regulations, companies with AISP or PISP permissions must adhere to the minimum insurance requirements as stipulated within the PSD2 Directive. It is important that this insurance is maintained whilst the company holds these permissions.

If you are applying to the MFSA to be granted permissions, you will need to evidence that you have sourced insurance that meets their requirements from an approved insurer.

What Limit of Cover Do I Require?

The team are on hand to guide you through the process of calculating the minimum requirements set out by the European Banking Authority (EBA).

Lockton’s PSD2 limit calculator can be used to work out your minimum insurance requirements based on your company activities.