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The Child Trust Funds Regulations 2004
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- UK Statutory Instruments
- 2004 No. 1450
- PART 2
- Regulation 20
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Account provider ceasing to qualifyU.K.
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20.—(1) A person shall cease to qualify as an account provider and shall notify the Board within 30 days of the relevant event in sub-paragraphs (a) to (f), of that relevant event, where—
(a)the person no longer fulfils the conditions of regulation 14;
[F1(b)there is an insolvency event in relation to the account provider;
[F2(ba)a debt relief order is made in respect of the person (under Part 7A of the Insolvency Act 1986);]
(c)an application has been made for a bank insolvency order or a bank administration order;]
(e)in the case of a building society, a person falling within [F3section 991 of ITA 2007 or a credit union]—
(i)it ceases to be a building society or to fall within [F4section 991 of ITA 2007 or to be a credit union], as the case may be;
(ii)its directors have made a proposal under Part 1 of the Insolvency Act 1986 M1 for a composition in satisfaction of its debts or a scheme of arrangement of its affairs; or
(iii)a receiver or manager of its property has been appointed; or
(f)in the case of a European institution, a relevant authorised person or an assurance undertaking which falls within regulation 14(2)(d)(iv), action corresponding to any described in sub-paragraph (b) to (e) has been taken by or in relation to the institution, person or undertaking under the law of an EEA State.
(2) On giving the notice referred to in paragraph (1), the person shall also 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 the notice shall inform the recipient of the rights under paragraph (3).
(3) Where a registered contact—
(a)receives a notice under paragraph (2), or regulation [F516(4) or] [F619(2)(a)], and
(b)within 30 days of the sending of the notice, transfers the account to another account provider pursuant to regulation 21,
the period between the transferor ceasing to act or qualify as an account provider, and the transfer to the transferee, shall be ignored in determining whether the account has at all times been managed by an account provider.
[F7(4) An account provider must not cease to act in relation to an account until that account has been transferred to another account provider in accordance with these Regulations.]
Textual Amendments
F1Reg. 20(1)(b)(c) substituted for reg. 20(1)(b)-(d) (6.4.2010) by The Child Trust Funds (Amendment) Regulations 2010 (S.I. 2010/582), regs. 1, 10(a)
F2Reg. 20(1)(ba) inserted (1.10.2012) by The Tribunals, Courts and Enforcement Act 2007 (Consequential Amendments) Order 2012 (S.I. 2012/2404), art. 1, Sch. 3 para. 34 (with art. 7)
F3Words in reg. 20(1)(e) substituted (6.4.2010) by The Child Trust Funds (Amendment) Regulations 2010 (S.I. 2010/582), regs. 1, 10(b)
F4Words in reg. 20(1)(e)(i) substituted (6.4.2010) by The Child Trust Funds (Amendment) Regulations 2010 (S.I. 2010/582), regs. 1, 10(c)
F5Words in reg. 20(3)(a) inserted (6.4.2010) by The Child Trust Funds (Amendment) Regulations 2010 (S.I. 2010/582), regs. 1, 10(d)
F6Word in reg. 20(3)(a) substituted (5.8.2013) by The Child Trust Funds (Amendment No. 2) Regulations 2013 (S.I. 2013/1744), regs. 1, 7
F7Reg. 20(4) inserted (6.4.2023) by The Child Trust Funds (Amendment) Regulations 2023 (S.I. 2023/269), regs. 1, 10
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