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The Child Trust Funds Regulations 2004

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Account provider—withdrawal by Board of approvalU.K.

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16.—(1) This regulation specifies the circumstances (“the disqualifying circumstances”) in which the Board may by notice withdraw their approval of a person as an account provider in relation to an account.

(2) The disqualifying circumstances are that the Board have reason to believe—

(a)that any provision of the Act or these Regulations, or any term of an undertaking given in accordance with regulation 14(2)(b) or condition under regulation 14(4), is not or at any time has not been satisfied, either in respect of an account managed by the account provider or otherwise; or

(b)that a person to whom they have given approval to act as an account provider is not qualified so to act.

[F1(2A) Where paragraph (2B) applies, a term of an undertaking given in accordance with regulation 14(2)(b) shall not be taken as not satisfied only by reason that the person to whom the Board’s approval as an account provider has been given does not accept vouchers.

(2B) This paragraph applies where—

(a)a person does not accept any voucher after a day specified by that person; and

(b)no less than 30 days before the specified day, notice in writing is given to the Board of the person’s intention not to accept vouchers after that day.]

[F2(3) The notice to which paragraph (1) refers must specify—

(a)the disqualifying circumstances;

(b)that the withdrawal shall only be effective from the date on which the last of the accounts has been transferred to another provider; and

(c)that from the date of the notice, the account provider must not accept subscriptions or open any new accounts.]

[F3(4) On receiving the notice referred to in paragraph (1), subject to any appeal under section 22(1)(b) of the Act, the account provider shall notify the registered contact (or, if there is no registered contact, the named child) of the right to transfer the account under regulation 21, and of his or her rights under regulation 20(3).]

[F4(5) From the date of the notice, the account provider must not accept subscriptions or open new accounts.]

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