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Written question asked by Julian Knight (Conservative) on Monday, 18 December 2017, in the House of Commons. It was due for an answer on Wednesday, 20 December 2017. It was answered by Steve Barclay (Conservative) on Thursday, 21 December 2017 on behalf of the Treasury.

Insurance: Disclosure of Information

Question

To ask Mr Chancellor of the Exchequer, how many insurers in the market are providing personally identifiable information policies for Professional Indemnity Insurance Policies in a form considered acceptable by the Financial Conduct Authority and which meets the PSD2 requirement in the UK.

Answer

The Financial Conduct Authority (FCA) is conducting an ongoing registration and authorisation process for Open Banking Account Information Service Providers and Payment Initiation Service Providers.

To date, 29 applications to be registered as an Account Information Service Provider have been received by the Financial Conduct Authority. As the Payment Services Regulations do not come into effect until 13 January 2018 it is not possible to formally approve applications before that date.

Of the applications received to date, a number have been accompanied by a PII policy. Consideration of PII policies, and whether they meet the requirements of registration, are part of the ongoing assessment of these cases.

Secondary information

Type
Written question
Reference
120145
Session
2017-19
Grouped for answer
Yes
Subjects
Disclosure of information EU law Insurance Payments
Contains statistics
Yes
Link
View this Written question on www.parliament.uk