(1) In GEN Rule 2.2.2, Arranging or Advising on Money Services means:
(a) making arrangements for another Person to receive Money Services;
(b) giving advice to another Person on the merits of using a particular Money Services Provider;
(c) providing an Account Information Service; or
(d) providing a Payment Initiation Service.
(2) Advice in (1)(b) includes a statement, opinion or report:
(a) intended to influence a Person, in making a decision, to use or select a particular Money Services Provider; or
(b) which could reasonably be regarded as being intended to have such an influence.
(3) In 1(c), “Account Information Service” means an online service that provides consolidated information on one or more accounts held by the User with one or more account providers, and includes such a service whether information is provided:
(a) in its original form or after processing; and
(b) to the User or to another person in accordance with the User’s instructions.
(4) In 1(d), “Payment Initiation Service” means an online service that initiates a Payment Order at the request of the User with respect to a Payment Account held at another Payment Service Provider, but does not include:
(a) a service that involves contact with any funds at any stage of the Payment Transaction; or
(b) the issue of a Payment Instrument.
Derived from RMI266/2020 (Made 26th February 2020). [VER48/04-20]