Account manager—qualifications and Board’s approval U.K.

14.—(1) This regulation specifies the circumstances (“qualifying circumstances") in which a person may be approved by the Board as an account manager.

(2) The qualifying circumstances to which paragraph (1) refers are the following—

(a) the person must make an application to the Board for approval in a form prescribed by the Board;

(b) an account manager must be—

(i) an authorised person within the meaning of [F1 section 31(1)(a) or (c) of, or Schedule 5 to, the Financial Services and Markets Act 2000 who has permission to carry on one or more of the activities specified in Articles 14, 21, 25, 37, 40, 45, 51 and 53 and, in so far as it applies to any of those activities, Article 64 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 but excluding any person falling within paragraph (iv) below]; or

(ii) a European institution which [F2 carries on one or more of those activities]; or

(iii) in the case of an account manager approved to set up and administer accounts made up of a cash component only, [F3 the Director of Savings], a building society, [F4 a person falling within section 840A(1)(b) of the Taxes Act] or a relevant European institution; or

(iv) in the case of an account manager approved to set up and administer accounts made up of an insurance component only, an insurance company, within the meaning given by section 431(2) of the Taxes Act M1 , an incorporated friendly society, or a registered friendly society; or

(v) in the case of an account manager approved to set up and administer accounts made up of an insurance component only, an assurance undertaking which does not fall within paragraph (iv) above;

(c) an account manager must not be prevented from acting as such by [F5 any requirement imposed under section 43 of the Financial Services and Markets Act 2000, or by any prohibition imposed by or under any rules made by the Financial Services Authority under that Act]; and

(d) an account manager who—

(i) is a European institution or a relevant authorised person and who does not have a branch or business establishment in the United Kingdom, or has such a branch or business establishment but does not intend to carry out all his functions as an account manager at that branch or business establishment, or

(ii) falls within sub-paragraph (b)(v),

must fulfil one of the three requirements specified in regulation 16.

(3) The terms of the Board’s approval may—

(a) approve a person to set up and administer accounts—

(i) which are made up of a single specified component, or

(ii) which are made up of any two specified components, or

(iii) which are made up of three components; and

(b) include conditions designed to ensure that the provisions of these Regulations are satisfied.

Textual Amendments

F1 Words in reg. 14(2)(b)(i) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), arts. 1(2)(b), 175(a)

F2 Words in reg. 14(2)(b)(ii) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), arts. 1(2)(b), 175(b)

F3 Words in reg. 14(2)(b)(iii) substituted (6.4.1999) by The Individual Savings Account (Amendment) Regulations 1998 (S.I. 1998/3174), regs. 1, 8

F4 Words in reg. 14(2)(b)(iii) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), arts. 1(2)(b), 175(c)

F5 Words in reg. 14(2)(c) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), arts. 1(2)(b), 175(d)

Marginal Citations

M1 1988 c.1; the definition of “insurance company" in section 431(2) was amended by section 52 of the Finance Act 1995 (c.4).