The Individual Savings Account Regulations 1998

Changes over time for: Section 14

Version Superseded: 06/04/2016

Alternative versions:

Status:

Point in time view as at 06/04/2014. This version of this provision has been superseded.

Status

You are viewing this legislation item as it stood at a particular point in time. A later version of this or provision, including subsequent changes and effects, supersedes this version.

Note the term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section.

Changes to legislation:

There are currently no known outstanding effects for the The Individual Savings Account Regulations 1998, Section 14.

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.

Account manager—qualifications and Board’s approvalU.K.

14.—(1) This regulation specifies the circumstances (“qualifying circumstances") in which a person may be approved by the Board as an account manager.

(2) The qualifying circumstances to which paragraph (1) refers are the following—

(a)the person must make an application to the Board for approval in a form prescribed by the Board;

[F1(aa)if the person intends to be an account manager in relation to a junior ISA account, the person must undertake to the Board to—

(i)publicise (and update where appropriate) statements of the minimum amount which may be subscribed to a junior ISA account on a single occasion, and the permitted means of payment of subscriptions; and

(ii)inform persons proposing to make a subscription to a junior ISA account (other than the named child) that the subscription is a gift to the child;]

(b)an account manager must be—

(i)an authorised person within the meaning of [F2[F3FISMA 2000] who has permission to carry on one or more of the activities specified in Articles 14, 21, 25, 37, 40, 45, 51 and 53 and, in so far as it applies to any of those activities, Article 64 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 but excluding any person falling within paragraph (iv) below]; or

(ii)a European institution which [F4carries on one or more of those activities]; or

[F5(iia)in the case of a credit union, an authorised person within the meaning of [F6FISMA 2000], who has permission to carry on one or more of the activities specified in Article 5 of the Financial Services And Markets Act 2000 (Regulated Activities) Order 2001;]

(iii)F7... [F8the Director of Savings], a building society [F9or a person falling within section 991(2)(b) or (c) or (3)(c) of ITA 2007 (bank or credit union)]; or

(iv)F10...an insurance company, within the meaning given by section 431(2) of the Taxes Act M1, an incorporated friendly society, or a registered friendly society; or

(v)[F11any] assurance undertaking which does not fall within paragraph (iv) above;

[F12(c)an account manager must not be prevented from acting as such by any requirement imposed under Part 4A of FISMA 2000, or by any prohibition imposed by or under any rules made by the Financial Conduct Authority or the Prudential Regulation Authority under that Act; and]

(d)an account manager who—

(i)is a European institution or a relevant authorised person and who does not have a branch or business establishment in the United Kingdom, or has such a branch or business establishment but does not intend to carry out all his functions as an account manager at that branch or business establishment, or

(ii)falls within sub-paragraph (b)(v),

must fulfil one of the three requirements specified in regulation 16.

(3) The terms of the Board’s approval may—

(a)approve a person to set up and administer [F13cash accounts only, or stocks and shares accounts only, or both], [F14and]

(b)include conditions designed to ensure that the provisions of these Regulations are satisfied.

Textual Amendments

F1Reg. 14(2)(aa) inserted (1.11.2011) by The Individual Savings Account (Amendment No. 2) Regulations 2011 (S.I. 2011/1780), regs. 1, 20(a)

F2Words in reg. 14(2)(b)(i) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), arts. 1(2)(b), 175(a)

F3Words in reg. 14(2)(b) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 22(5)(a)

F4Words in reg. 14(2)(b)(ii) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), arts. 1(2)(b), 175(b)

F5Reg. 14(2)(b)(iia) inserted (27.12.2005) by The Individual Savings Account (Amendment No. 3) Regulations 2005 (S.I. 2005/3350), regs. 1, 10

F6Words in reg. 14(2)(b)(iia) substituted (1.9.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 3) Order 2013 (S.I. 2013/1765), arts. 1, 3