The Financial Services Act 1986 (Restriction of Scope of Act and Meaning of Collective Investment Scheme) Order 1990

National Savings

2.—(1) The following Note shall be added to paragraph 3 of Schedule 1 to the Act—

“(3) This paragraph does not apply to any instrument creating or acknowledging indebtedness in respect of money received by the Director of Savings as deposits or otherwise in connection with the business of the National Savings Bank or in respect of money raised under the National Loans Act 1968(1) under the auspices of the Director of Savings or in respect of money treated as having been so raised by virtue of section 11(3) of the National Debt Act 1972(2).”.

(2) Paragraph 9 of Schedule 1 to the Act shall be amended in the following manner—

(a) the word “Notes” shall be substituted for the word “Note.”;

(b) the existing Note shall be numbered (1); and

(c) the following Note shall be added—

“(2) This paragraph does not apply to rights under any contract under which money is received by the Director of Savings as deposits or otherwise in connection with the business of the National Savings Bank or raised under the National Loans Act 1968 under the auspices of the Director of Savings or under which money raised is treated as having been so raised by virtue of section 11(3) of the National Debt Act 1972.”.

(1)

1968 c. 13.

(2)

1972 c. 65.