The Child Trust Funds Regulations 2004

Transfer of accounts to other account providers U.K.

21.—(1) Where—

(a) arrangements are made by a registered contact to transfer the whole of the investments under an account from one account provider (“the transferor”) to another account provider (“the transferee”), or

(b) the whole of the investments under an account are so transferred in consequence of an account provider (“the transferor”) ceasing to act or to qualify as an account provider,

the transfer shall be treated as a transfer of the account.

(2) The account and its description under regulation 4 shall not be affected for the purposes of these Regulations by reason of the transfer, save that, where the registered contact specifies in accordance with paragraph (3)(a) an account of a different description, the account shall, on the transfer, become an account of that other description.

(3) The registered contact shall make—

(a) the application required by regulation 13(2) (modified as if the words “applied for” were replaced with “[F1 following the transfer]”), and

(b) the application and declaration required by regulation 13(3) to (5),

to the transferee.

[F2 (3A) Where a registered contact applies in accordance with paragraph (3) to a potential transferee for a transfer under this regulation, specifying a stakeholder account offered by the transferee, the transferee shall not decline to accept that application (or the transfer in consequence of it) except where—

(a) the transferee has reason to believe that the registered contact has given untrue information in his application;

(b) the transferee demonstrates to the satisfaction of the Board that acceptance of transfers, or a class of transfers, during a particular period would jeopardise his ability to prevent any of the matters mentioned in regulation 16(2)(a); or

(c) the transferor does not give the transferee the notice in accordance with paragraph (4).]

(4) The transferor shall on the date of the transfer give the transferee a notice containing the information specified in paragraph (5) and the declaration specified in paragraph (6).

(5) The information specified in this paragraph is—

(a) as regards the named child—

(i) his full name,

(ii) his date of birth,

(iii) his unique reference number;

(b) as regards the account—

(i) the description of the account,

(ii) the date of the transfer,

(iii) the total amount subscribed to the account during the period from the beginning of the subscription year in which the transfer takes place to the date of the transfer,

(iv) any amount which has been claimed from the Board under regulations 26, 27 or 30 and which has not been paid at the date of the transfer;

(c) the full name and address, including postcode, of the registered contact who has made the transfer arrangements.

(6) The declaration specified in this paragraph is a declaration by the transferor that—

(a) he has fulfilled all his obligations to the named child, the Board or otherwise, which are imposed by these Regulations;

(b) he has transferred to the transferee or his nominee all the account investments and that, where registration of any such transfer is required, he has taken the necessary steps to ensure that those account investments can be registered in the name of the transferee or nominee;

(c) he will forward any further payment received in respect of those account investments to the transferee, on receipt of the payment, and

(d) the information contained in the notice is correct.

Textual Amendments

F1 Words in reg. 21(3)(a) substituted (6.4.2005) by The Child Trust Funds (Amendment) Regulations 2004 (S.I. 2004/2676), regs. 1, 13(a)

F2 Reg. 21(3A) inserted (6.4.2005) by The Child Trust Funds (Amendment) Regulations 2004 (S.I. 2004/2676), regs. 1, 13(b)