Schedule 8, Part 2, paragraph 5(6)

In regulation 6 (conditions for authorisation)— in paragraph (2) for “regulation 5” substitute “ regulations 5 and 20 ”; after paragraph (4) insert— The applicant carries on, or will carry on, at least part of its electronic money and payment service business in the United Kingdom. in paragraph (6), after sub-paragraph (d) insert— in the case of an applicant which proposes to carry on payment initiation services, it holds professional indemnity insurance or a comparable guarantee, which covers— the territories in which the applicant proposes to offer payment initiation services; and the applicant's potential liability under regulations 76 and 91 to 95 of the Payment Services Regulations 2017, up to such amount as the Authority may direct; and in the case of an applicant which proposes to carry on account information services, it holds professional indemnity insurance or a comparable guarantee, which covers— the territories in which the applicant proposes to offer account information services; and the applicant's potential liability to account servicing payment service providers and payment service users resulting from unauthorised or fraudulent access to, or use of, payment account information, up to such amount as the Authority may direct.

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Source: legislation.gov.uk · retrieved 2026-09-04