The Savings Contract (Amendment) Regulations 1992

Explanatory Note

(This note is not part of the Regulations)

The Friendly Societies Act 1992 (c. 40) revokes the jurisdiction of the Chief Registrar of friendly societies as to disputes between the Director of Savings and depositors with the National Savings Bank and holders of stock regsitered in the National Savings Stock Register and provides instead for such disputes to be referred to an adjudicator appointed by the Treasury under section 84 of the Act.

These Regulations, which come into force on the same day as the relevant provisions of the 1992 Act (1 January 1993), make like provision with respect to disputes between the Director of Savings and contributors in respect of savings contracts under the Savings Contract Regulations 1969 (and other persons claiming entitlement in respect of such contracts). They provide for such disputes to be referred to a person appointed under section 84 of the 1992 Act (“the adjudicator”). They also make a transittional provision that any such dispute which was referred before 1 January 1993 to the Chief Registrar of friendly societies or a deputy appointed by him or to the assistant register of friendly societies for Scotland is to be treated as if it had been referred to the adjudicator and that any thing done in relation to such a dispute by the Chief Registrar, a deputy appointed by him or the assistant regsitrar is to be treated as done by the adjudicator.