The Savings Certificates (Amendment) Regulations 2012

Amendment of the Savings Certificates Regulations 1991

20.  In regulation 27 (indemnity of Treasury, Director of Savings and officers) for paragraph (2) substitute—

“(2) Subject to regulation 28, where the payment of any amount repayable in respect of a certificate is made by relevant means to a person who is not entitled under these Regulations to receive it, the payment is deemed to have been made to a person who is so entitled if it was made—

(a) in good faith and without negligence; and

(b) in consequence of some act or omission on the part of a person who is so entitled.

(3) Subject to regulation 28, where the payment of any amount repayable in respect of a rolled-over certificate or a certificate purchased after 19th September 2012 is made by electronic transfer, neither the Treasury nor the Director of Savings is liable for—

(a) any delay in the completion of the payment, if the delay is outside the direct control of the Director of Savings; or

(b) any failure in the operation of any system through which the electronic transfer is conducted, if the failure is outside the direct control of the Director of Savings.

(4) In this regulation—

“electronic transfer” means a transfer of money by electronic or automated processes which do not involve the delivery and collection of a payable instrument, or the delivery of cash, to a bank or building society account to which payment is capable of being made by those processes; and

“relevant means” means—

(a)

in the case of a rolled-over certificate or a certificate purchased after 19th September 2012, payment by crossed warrant or by electronic transfer; and

(b)

in the case of any other certificate, payment by crossed warrant.”.