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The Individual Savings Account Regulations 1998

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[F1Rejection of government bonus claimU.K.

3.—(1) The Board must notify the account manager of a rejection of any claim for a government bonus together with reasons for the decision—

(a)where the claim is made by the due date, within 14 days beginning with the day after the due date for the claim, and

(b)where the claim is made later than the due date, within 14 days beginning with the day after receipt of the claim.

(2) The account manager on receipt of such notification must notify the account investor within 14 days beginning with the day after the day of receipt.

(3) An account investor may within 90 days beginning with the day after receipt of a notification under sub-paragraph (2) apply to the Board for payment of a government bonus which has been refused.

(4) Paragraph 16 (appeals) applies, in relation to an account manager, to a notification under sub-paragraph (1), and, in relation to an account investor, to a decision in respect of an application under sub-paragraph (3).

(5) The effect of any notification or decision is not suspended by the making of an application or an appeal.]

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