The Savings Certificates (Yearly Plan) (Amendment) Regulations 1992

Explanatory Note

(This note is not part of the Regulatons)

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 registered in the National Savings Stock Register and provides instead for such disputes to be referred to an adjudicator appointed by the Treasury under secton 84 of that 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 holders of, or persons who have entered into an agreement with the Director to purchase, savings certificates under the Savings Certificates (Yearly Plan) Regulations 1984 (and other persons claiming entitlement to such certificates or under such an agreement). 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 transitional 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 registrar of friendly societies for Scotland is to be treated as if it has 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 registrar is to be treated as done by the adjudicator.