40. Meaning of "financial services"

(1) In this Part, "financial services" means any service of a financial nature, including (but not limited to) - (a) insurance -related services consisting of - (i) direct life assurance; (ii) direct insurance other than life assurance; (iii) reinsurance and retrocession; (iv) insurance intermediation, such as brokerage and agency; (v) services auxiliary to insurance, such as consultancy, actuarial, risk assessment and claim settlement services; (b) banking and other financial services consisting of - (i) accepting deposits and other repayable funds; (ii) lending (including consumer credit, mortgage credit, factoring and financing of commercial transactions); (iii) financial leasing; (iv) payment and money transmission services (including credit, charge and debit cards, travellers' cheques and bankers' drafts); (v) providing guarantees or commitments; (vi) financial trading (as defined in subsection (2) below); (vii) participating