Paragraph 3 F1

(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.

Annotations

Textual amendments

F1: Sch. 1 para. 3 inserted (29.6.2021) by Financial Services Act 2021 (c. 22), ss. 44, 49(2)(e)

Notes on the whole SI

Textual amendments

F1: Regulations revoked (14.12.2023 for the revocation of reg. 158) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(xix)