PSD2 Insurance for AISPS and PISPS

Combining Professional Indemnity, Data Security and Directors’ & Officers’ Liability insurance in one convenient package

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Navigate PSD2 with confidence

PSD2 requires firms applying for AISP (Account Information Service Providers) and PISP (Payment Initiation Service Provider) permissions to have specific insurance in place.

Howden’s fintech team – through their work at Protean Risk – have developed what we believe to be the first ever ‘PSD2 compliant’ insurance policy.

We already place insurance for the majority of UK authorised AISP and PISP firms, and we can do the same for you.

What we offer

Payment Institutions, e-Money Institutions and other firms applying for Account Information (AISP) and Payment Initiation Service Provider (PISP) permissions will need to evidence that their insurance coverage meets the PSD2 guidelines. These are set out by the European Banking Authority (EBA) and incorporated within the Payment Services Regulations 2017 (PSD2).

The Howden PSD2 Policy responds directly to the additional risk exposures and compulsory Professional Indemnity Insurance (PII) requirements created by the PSD2 Directive.

This includes specific data security requirements which are not covered under a typical PII policy. Developed in partnership with a leading specialist underwriting team, the Howden PSD2 policy provides is backed by Lloyd’s of London.

What's included in your PSD2 policy?

The PSD2 Policy combines Professional Indemnity, Data Security and Directors’ & Officers’ Liability insurance in one convenient package. Specific benefits include:

Meeting the specific requirements of the revised Payment Services Directive (PSD2)
Automatic additional coverage up to 25% of the policy limit to ensure continued compliance with the minimum limit of liability requirements
Enhanced Data Security cover as prescribed by the EBA in PSD2
Low policy excesses available from £10,000
Choice of limits of liability from £250,000 to £5 million and above
Directors’ & Officers’ Liability cover included as standard
Retroactive cover available for existing purchasers of Professional Indemnity insurance
FCA Investigation Costs included for both the Firm and Management
Emergency and Mitigation costs cover
12 months extended reporting period available
Standard and Poor’s A+ rated insurer security

Howden’s PSD2 application process

Simple application process, without lengthy and complex proposal forms on application or renewal. Complete a straightforward Statement of Facts based application.
Competitive Premium, including monthly payment funding option.
Proprietary ‘Limit Calculator’ to assist with the complex PII limit formula in the EBA guidelines.

What our clients say

"We have been comprehensively supported by Hugo Thorp and Fergus Bracher from the Fintech and Payment Services team and together with their assistance we have developed a strong relationship with our primary insurers. The PSD Bond in the UK is invaluable to us to meet our safeguarding requirements and this method of safeguarding will support the future growth of our business in the UK.”
- Martin Boden, Chief Financial Officer, Small World

"PSD Bond safeguarding insurance has been invaluable in allowing WEX to offer flexible customer solutions whilst meeting its regulatory obligations. [The team] provided us with a practical, tailored solution to meet our requirements. Their subject-matter expertise and understanding of the product was first rate from the outset."
- Senior Legal Counsel, WEX