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Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

money remittance

    60153(in accordance with regulation 2(1) of the Payment Service Regulations) a service for the transmission of money (or any representation of monetary value), without any payment accounts120 being created in the name of the payer or the payee120, where:

      1. (a) funds are received from a payer120 for the sole purpose of transferring a corresponding amount to a payee120 or to another payment service provider acting on behalf of the payee120; or
      1. (b) funds are received on behalf of, and made available to, the payee120.

    [Note: article 4(22)120 of the Payment Services Directive]