M

Money Transmission Business
A business that comprises or includes providing a money transmission service to members of the public. See also definition of Bureaux de Change above.

Money Transmission Service
A service that involves transmitting money by any means, other than such a service provided:
a) by a person or body regulated by the Bank referred to in section 32(1)(a) to (k) of the Criminal Justice Act 1994; or
b) by a person or body prescribed as a designated body under section 32(10)(a) of that Act (but only if the person or body is regulated by the bank under a designated enactment or designated statutory instrument); or
c) by a person or body on an ancillary basis in the ordinary course of providing services to customers of the person or body.

Moneybroking business
Any business which consists of the business of arranging all or any of the following, that is to say:
a) loans or borrowings of money;
b) purchases or sales of foreign exchange;
c) transaction of a type which for the time being stand prescribed by order under Section 109; and
d) other transactions which are similar in effect to any of those to which paragraph (a), (b) or (c) relate, between any two or more persons being a holder of a licence under Section 9 of Act of 1971, a building society, or a financial institution, and ‘moneybroking’ shall be construed accordingly.

Mortgage Intermediary
A person (other than a mortgage lender or credit institution) who, in return for commission or some other form of consideration:
a) arranges, or offers to arrange, for a mortgage lender to provide a consumer with a housing loan; or
b) introduces a consumer to an intermediary who arranges, or offers to arrange, for a mortgage lender to provide the consumer with such a loan.

Multi-Agency Intermediary
A specific type of investment business firm that may receive and transmit orders in retail investment instruments, i.e. those investment instruments set out in Section 25 and 26 (1)(a) of IIA, and provide advice on retail investment instruments only on behalf of product producers from whom it holds an appointment in writing and that can act as a deposit agent or deposit broker.