Financial Services Act 2021
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Change 1
44 Payment services and the provision of cash
In Part 2 of Schedule 1 to the Payment Services Regulations (S.I. 2017/752) (activities which do not constitute payment services), after paragraph 2 insert— 3 (1) The provision of cash otherwise than through an automatic teller machine does not constitute a payment service where— (a) there is a transfer of a corresponding amount from a payment account held by the recipient of the cash to a relevant person, and (b) the payment account is not provided by a relevant person. (2) In sub-paragraph (1), “relevant person” means— (a) where the cash is provided by a person (“P1”) through one or more persons acting on P1's behalf, P1 and each person acting (directly or indirectly) on P1's behalf; (b) where the cash is provided by a person (“P2”) otherwise than on behalf of another person or through one or more persons acting on P2's behalf, P2. (3) The execution of the transfer referred to in sub-paragraph (1)(a), and other services enabling that transfer, are not excluded from the meaning of payment services by this paragraph.
44 Payment services and the provision of cash
In Part 2 of Schedule 1 to the Payment Services Regulations (S.I. 2017/752) (activities which do not constitute payment services), after paragraph 2 insert— 3 (1) The provision of cash otherwise than through an automatic teller machine does not constitute a payment service where— (a) there is a transfer of a corresponding amount from a payment account held by the recipient of the cash to a relevant person, and (b) the payment account is not provided by a relevant person. (2) In sub-paragraph (1), “relevant person” means— (a) where the cash is provided by a person (“P1”) through one or more persons acting on P1's behalf, P1 and each person acting (directly or indirectly) on P1's behalf; (b) where the cash is provided by a person (“P2”) otherwise than on behalf of another person or through one or more persons acting on P2's behalf, P2. (3) The execution of the transfer referred to in sub-paragraph (1)(a), and other services enabling that transfer, are not excluded from the meaning of payment services by this paragraph.
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