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La Playa: Insurance with Intelligence®

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.

  • Directive should have been initiated by 13th January 2018
  • Firms can apply to be authorised or registered under the PSRs 2017, or the Electronic Money Regulations (EMRs) as amended by the PSRs 2017

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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What Our Clients Say

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Insurance brokers who understand and work with technology companies are a rare breed, to be highly recommended.

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The service we get from La Playa is faultless. You are a pleasure to work with.

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Thanks for all of your help with this, you've been incredibly helpful!

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I like that you can put together a small package suitable for us as a startup and that this can easily be adapted as our needs develop without breaking the bank on the way

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We thought that we had exhausted all options for our type of business. La Playa completely understood the field we operated in and provided us with new options - and then shopped around for us to get a better price.

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[La Playa] provided world-class expertise and professional service. [They are] experts in insurance and risk management for the technology sector and managed to provide superior product and service whilst reducing cost.

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These guys are the only insurance people I will tolerate speaking to these days, as they are actual humans (with both a brain and a heart!) and offer very good packages too - they answer calls and emails promptly and when I had an issue recently with my bank were very helpful to get it fixed.

George

La Playa business client

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We've been putting off our insurance needs for far too long, and I feel we are now in safe hands.

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Thanks as always for your extraordinarily quick response and great customer service.

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As always we come away thinking how lucky we are to have found La Playa and the people we deal with there - bet there's not many that can say that about their insurance company!

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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.

As a Lloyd's broker, La Playa has solutions for even the most complex risks, and our services also include Business Protection and Employee Benefits. But what does "Boutique Service" actually look like?

The La Playa Way: Your Personal Risk Concierge

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1

Careful listening to really understand your needs and priorities


2

As much help as you need with completing forms to provide risk information


3

A discreet and complimentary appraisal* to assess the risks and ensure you have the right coverage where you need it


4

An independent market review - so you don’t have to shop around comparing policies, cover limits, risks covered and smallprint exclusions


5

Careful monitoring of the carriers’ financial strength, claims and customer service


6

An independent recommendation of the best policy for you - and why


7

Specialist policy wordings from underwriters who have demonstrated excellence and deep understanding of your risk exposures. We have analyzed a wide range of policy wordings and have selected only the best for our panel. Our advisors have a deep working knowledge of these policies
*subject to insurer availability


8

An intelligently designed portfolio of protection across multiple asset classes, liabilities and territories


9

Advice on how best to manage your risks - to keep you safe but also to keep insurance costs down


10

A dedicated advisor so you can speak to the same person each time.


11

Expert guidance on valuations, security and risk management, and connecting you with specialist advisors and suppliers


12

Direct phone and email access to your advisor for questions and advice.


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, and driving through a swift financial settlement


...and more. La Playa’s Personal Risk Concierge promises only the best,
ensuring that every client we work with is given utmost priority.
No call centres, hold music, hidden fees. with La Playa, you are our most important client.

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Tech-based business is 24/7, global and borderless, always 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.

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