The Individual Savings Account Regulations 1998

Account manager—withdrawal by Board of approvalU.K.

17.—(1) This regulation specifies the circumstances (“the disqualifying circumstances") in which the Board may by notice withdraw their approval of a person as an account manager in relation to an account [F1which is not a junior ISA account].

(2) The disqualifying circumstances to which paragraph (1) refers are that the Board have reason to believe—

(a)that any provision of these Regulations is not or at any time has not been satisfied in respect of an account managed by the account manager; F2...

(b)that a person to whom they have given approval to act as an account manager is not qualified so to act [F3; or

(c)that a person to whom they have given approval to act as an account manager has not, within a period of 18 months beginning with the day on which approval was given, acted as an account manager in respect of an account.]

(3) The notice to which paragraph (1) refers—

(a)may withdraw an approval in part, that is, in respect of particular types of accounts specified in the notice;

(b)shall specify the date from which the Board’s approval is withdrawn; F4...

(c)shall specify the disqualifying circumstances [F5; and

(d)may specify that, from the date of the notice, the account manager—

(i)must not accept any subscriptions or open new accounts, or

(ii)must not accept any subscriptions or open new accounts except to the extent specified in the notice.]

[F6(4) On receiving the notice referred to in paragraph (1), subject to any appeal in accordance with regulation 18, the account manager shall notify the person who is the account investor in relation to the account held with the account manager of the right to transfer the account under [F7regulation 21] F8..., and the provision made by [F9regulation 20(4)].]

[F10(5) Where the account manager does not intend to make a bulk transfer of accounts, the account manager must, in addition to notifying the account investor in accordance with paragraph (4), notify the account investor of that intention and draw to the account investor’s attention the fact the account will cease to be exempt from tax unless it is transferred as specified in regulation 20(4).

(6) The account manager must comply with paragraph (5) within the period beginning with the date of the Board’s notice under paragraph (1) and ending with the date which is 15 days before the date on which the Board’s approval is withdrawn.

(7) Where a notice under paragraph (1) makes a specification under paragraph (3)(d)(i), from the date of the notice the account manager must not accept any subscriptions or open any new accounts.

(8) Where a notice under paragraph (1) makes a specification under paragraph (3)(d)(ii), from the date of the notice the account manager must not accept any subscriptions or open any new accounts except to the extent specified in the notice.]

Textual Amendments