The Child Trust Funds Regulations 2004

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Transfer of accounts F1....U.K.

This section has no associated Explanatory Memorandum

21.—(1) Where—

(a)arrangements are made by a registered contact to transfer the whole of the investments under an account from one account provider (“the transferor”) to another account provider (“the transferee”),F2...

(b)the whole of the investments under an account are so transferred in consequence of an account provider (“the transferor”) ceasing to act or to qualify as an account provider, F3...

[F4(ba)there is a transfer under regulation 20A to a protected child account, or]

[F5(c)an account is transferred in a bulk transfer of accounts F6...,]

the transfer shall be treated as a transfer of the account.

(2) The account and its description under regulation 4 shall not be affected for the purposes of these Regulations by reason of the transfer [F7in paragraph (1)(a), (b) or (c)], save that, where the registered contact specifies in accordance with paragraph (3)(a) an account of a different description, the account shall, on the transfer, become an account of that other description.

(3) The registered contact shall make—

(a)the application required by regulation 13(2) (modified as if the words “applied for” were replaced with “[F8following the transfer]”), and

(b)the application and declaration required by regulation 13(3) to (5),

to the transferee [F9but (in the case mentioned in sub- paragraph (b)) as if for regulation 13(3)(b) there were substituted—

“(b)is—

(i)a responsible person in relation to the named child (that is, that he has parental responsibility or, in Scotland, parental responsibilities in relation to the child, or

(ii)the child, where the child is 16 or over and has elected to manage the account.”]

[F10(3A) Paragraph (3) does not apply where an account is transferred [F11under regulation 20A or] in a bulk transfer of accounts.

F12(3B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F12(3C) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F12(3D) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F12(3E) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F12(3F) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3G) An account transferred in accordance with this regulation in a bulk transfer of accounts is an account opened pursuant to an application in accordance with regulation 13 for the purposes of these Regulations F13.... ]

[F14[F15(3H)] Where a registered contact applies in accordance with paragraph (3) to a potential transferee for a transfer under this regulation, specifying a stakeholder account offered by the transferee, the transferee shall not decline to accept that application (or the transfer in consequence of it) except where—

(a)the transferee has reason to believe that the registered contact has given untrue information in his application;

(b)the transferee demonstrates to the satisfaction of the Board that acceptance of transfers, or a class of transfers, during a particular period would jeopardise his ability to prevent any of the matters mentioned in regulation 16(2)(a); or

(c)the transferor does not give the transferee the notice in accordance with paragraph (4).]

(4) The transferor shall on the date of the transfer give the transferee a notice containing the information specified in paragraph (5) F16....

[F17(4A) In relation to paragraph (1)(ba), the account provider shall on the date of the transfer give the person providing the protected child account a notice containing the information specified in paragraph (5)(a) and (b)(i), (ii) and (iv) F18....]

(5) The information specified in this paragraph is—

(a)as regards the named child—

(i)his full name,

(ii)his date of birth,

(iii)his unique reference number;

(b)as regards the account—

(i)the description of the account,

(ii)the date of the transfer,

(iii)the total amount subscribed to the account during the period from the beginning of the subscription year in which the transfer takes place to the date of the transfer,

(iv)any amount which has been claimed from the Board under regulations [F1926 or 27] and which has not been paid at the date of the transfer[F20, and

(v)the total amount subscribed to the account during the previous subscription year, where that subscription year ended later than the 5^th April preceding the date of the transfer];

(c)the full name and address, including postcode, of the registered contact who has made the transfer arrangements.

F21(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1Words in reg. 21 heading omitted (6.4.2015) by virtue of The Child Trust Funds (Amendment No. 2) Regulations 2015 (S.I. 2015/876), regs. 1, 7

F2Word in reg. 21(1)(a) omitted (5.8.2013) by virtue of The Child Trust Funds (Amendment No. 2) Regulations 2013 (S.I. 2013/1744), regs. 1, 8(a)

F3Word in reg. 21(1) omitted (6.4.2015) by virtue of The Child Trust Funds (Amendment No. 2) Regulations 2015 (S.I. 2015/876), regs. 1, 8(1)

F4Reg. 21(1)(ba) inserted (6.4.2015) by The Child Trust Funds (Amendment No. 2) Regulations 2015 (S.I. 2015/876), regs. 1, 8(1)

F5Reg. 21(1)(c) inserted (5.8.2013) by The Child Trust Funds (Amendment No. 2) Regulations 2013 (S.I. 2013/1744), regs. 1, 8(c)

F6Words in reg. 21(1)(c) omitted (6.4.2015) by virtue of The Child Trust Funds (Amendment No. 2) Regulations 2015 (S.I. 2015/876), regs. 1, 8(2)

F7Words in reg. 21(2) inserted (6.4.2015) by The Child Trust Funds (Amendment No. 2) Regulations 2015 (S.I. 2015/876), regs. 1, 8(3)

F8Words in reg. 21(3)(a) substituted (6.4.2005) by The Child Trust Funds (Amendment) Regulations 2004 (S.I. 2004/2676), regs. 1, 13(a)

F9Words in reg. 21(3) added (1.7.2015) by The Child Trust Funds (Amendment No. 3) Regulations 2015 (S.I. 2015/1371), regs. 1, 8