(This note is not part of the Regulations)
The National Savings Bank Act 1971 (“the 1971 Act”) and the National Debt Act 1972 (“the 1972 Act”) create the current statutory framework for the operation of the National Savings and Investment Bank and the Director of Savings. The Director of Savings, a statutory office-holder, carries on the business of the National Savings Bank under section 1 of the 1971 Act, principally providing a range of investment accounts which are subject to the 1971 Act and secondary legislation made under that Act (now consolidated in these Regulations). Under section 11 of the 1972 Act the Treasury raises money under the National Loans Act 1968 under the auspices of the Director of Savings. Section 1(1) of the 1972 Act provides that the Treasury may appoint a person to be Director of Savings and “the functions of the Director shall include those conferred on him by this Act”. The Director raises money, therefore, by issuing products such as Premium Bonds.
These Regulations consolidate the secondary legislation that governs the operation of the National Savings Bank made under the National Savings Bank Act 1971, including the National Savings Bank Regulations 1972.
The National Savings (No. 2) Regulations 2015 which were laid contemporaneously with these Regulations consolidate the secondary legislation that governs the operation of the National Savings Bank made under the National Debt Act 1972, following a separate Parliamentary procedure.
Part 3 of these Regulations, and Part 6 of the National Savings (No. 2) Regulations 2015, contain provisions common to both sets of Regulations.
The intention in the drafting of these Regulations is to consolidate the existing secondary legislation with necessary minor amendments, whilst revoking the spent and other instruments set out in the Schedule.
A full impact assessment has not been produced for this instrument as no impact on the costs of business or the voluntary sector is foreseen.