The European Banking Authority (EBA) has published final guidelines under the revised Payment Services Directive (PSD2) on the criteria on how to stipulate the minimum monetary amount of the professional indemnity insurance (PII) or other comparable guarantee for payment initiation services (PIS) and account information services (AIS).
The EBA also sets out the responses to its earlier consultation on the guidelines and its analysis. The responses to the consultation have prompted the EBA to make some changes and clarifications to the guidelines. For example, the EBA has inserted additional specifications on the scope of the PII and comparable guarantee. It has also deleted the indicators ‘geographical location’ and ‘number of contracts’ under the risk profile criterion in guideline 5.
The guidelines will be translated into the official EU languages and published on the EBA’s website. The deadline for Member State competent authorities to report whether they comply with the guidelines will be two months after the publication of the translations. The guidelines apply from 13 January 2018.
View Final EBA guidelines on professional indemnity insurance under PSD2, 7 July 2017