EBA launches consultation on draft guidelines on the criteria for minimum amount of professional indemnity insurance under PSD2 | Lexology

EBA launches consultation on draft guidelines on the criteria for minimum amount of professional indemnity insurance under PSD2 | Lexology

The revised Payment Service Directive (PSD2) includes a requirement for providers of payment initiation services and account information services to hold professional indemnity insurance (PII) or a comparable guarantee against specified liabilities as a condition for their authorisation or registration.

In line with its obligations under PSD2, on 22 September 2016, the European Banking Authority (EBA) issued a consultation on its draft guidelines on the criteria which competent authorities should consider when stipulating the minimum monetary amount of PII or comparable guarantee to be held by such providers.

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