The National Savings (No. 2) Regulations 2015

Limitations in relation to minors

36.—(1) No stock may be subscribed for by, or on behalf of, a minor under the age of sixteen years.

(2) National Savings Income bonds which are held by minors under the age of sixteen years on 5th April 2013 may continue to be held subject to the following—

(a) applications for payment of the amount repayable may only be made by a minor who has not attained the age of sixteen years if the minor had attained the age of seven years before 6th April 2013;

(b) where National Savings Income Bonds are held by a minor who had not attained the age of seven years before 6th April 2013, no interest may be paid otherwise than by means of crediting the amount to an approved account in the minor’s name, or in the name of any person appearing to the Director of Savings to be responsible for the minor;

(c) the Director of Savings may, at any time, require a specimen of the minor’s signature, and obtain the minor’s authority for making further payments as follows—

(i) where the minor attained the age of seven years before 6th April 2013, at any time; or

(ii) where the minor did not attain the age of seven years before 6th April 2013, at any time after the minor attains the age of sixteen years.

(3) In paragraph (2)(b) “approved account” means—

(a) an account in the National Savings Bank containing investment deposits;

(b) an account with a person who has permission under Part 4A of the Financial Services and Markets Act 2000(1) to accept deposits; or

(c) an account with an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to the Financial Services and Markets Act 2000(2), which has permission under paragraph 15 of that Schedule(3) (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to accept deposits.

(4) Paragraph (3) is to be read with—

(a) section 22 (regulated activities) of the Financial Services and Markets Act 2000(4);

(b) any relevant order under that section; and

(c) Schedule 22 (repeals) to the Financial Services and Markets Act 2000.

(1)

2000 c. 8. Part 4A was inserted by section 11(2) of the Financial Services Act 2012 (c. 21).

(2)

Paragraph 5(b) was substituted by S.I. 2006/3221.

(3)

Paragraph 15 was amended by S.I. 2003/2066, 2007/3253, 2012/1906 and 2013/1881.

(4)

Section 22 was amended by section 7 of the Financial Services Act 2012 (c. 21).