GEN 2.6.2 GEN 2.6.2
Personwho is an Authorised Firmdoes not Provide Money Servicesfor the purposes of GEN Rule 2.2.2 if it does so in relation to the carrying on of another Financial Servicewhere Providing Money Servicesis in connection with and a necessary part of that other Financial Service.
GEN 2.6.2 Guidance1. Examples of activities that are likely to be excluded under GEN Rule 2.6.2 include, for example, Money Service activities carried on in connection with, and as a necessary part of, Providing Credit, Dealing in Investments (as principal or agent), Operating an Exchange or Clearing House, Managing Assets or Providing Custody.2. A Bank or an Islamic Financial Institution Managing a PSIA will also be able to provide many of the Money Service activities under the exclusion in GEN Rule 2.6.2, as they will be activities provided in connection with, and as a necessary part of, other Financial Services the Bank or Islamic Financial Institution usually provides to its customers. However, if a Bank or Islamic Financial Institution wishes to provide a discrete service, such as selling a type of Payment Instrument, it will need additional authorisation for Providing Money Services.Derived from RMI266/2020 (Made 26th February). [VER48/04-20]