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The Individual Savings Account Regulations 1998
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- UK Statutory Instruments
- 1998 No. 1870
- Regulation 14
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Version Superseded: 01/11/2011
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Account manager—qualifications and Board’s approvalU.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 [F1section 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 [F2carries on one or more of those activities]; or
[F3(iia)in the case of a credit union, an authorised person within the meaning of section 31(1)(a) of the Financial Services and Markets Act 2000, who has permission to carry on one or more of the activities specified in Article 5 of the Financial Services And Markets Act 2000 (Regulated Activities) Order 2001;]
(iii)F4... [F5the Director of Savings], a building society, [F6a person falling within section 840A(1)(b) of the Taxes Act] or a relevant European institution; or
(iv)F7...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)[F8any] assurance undertaking which does not fall within paragraph (iv) above;
(c)an account manager must not be prevented from acting as such by [F9any 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 [F10cash accounts only, or stocks and shares accounts only, or both], [F11and]
(b)include conditions designed to ensure that the provisions of these Regulations are satisfied.
Textual Amendments
F1Words 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)
F2Words 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)
F3Reg. 14(2)(b)(iia) inserted (27.12.2005) by The Individual Savings Account (Amendment No. 3) Regulations 2005 (S.I. 2005/3350), regs. 1, 10
F4Words in reg. 14(2)(b)(iii) omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Individual Savings Account (Amendment No. 2) Regulations 2004 (S.I. 2004/2996), regs. 1(1), 14(a)(i)
F5Words 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
F6Words 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)
F7Words in reg. 14(2)(b)(iv) omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Individual Savings Account (Amendment No. 2) Regulations 2004 (S.I. 2004/2996), regs. 1(1), 14(a)(ii)
F8Word in reg. 14(2)(b)(v) substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Individual Savings Account (Amendment No. 2) Regulations 2004 (S.I. 2004/2996), regs. 1(1), 14(a)(iii)
F9Words 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)
F10Words in reg. 14(3)(a) substituted (6.4.2008) by The Individual Savings Account (Amendment) Regulations 2007 (S.I. 2007/2119), regs. 1, 17
F11Word in reg. 14(3)(a) substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Individual Savings Account (Amendment No. 2) Regulations 2004 (S.I. 2004/2996), regs. 1(1), 14(b)(ii)
Marginal Citations
M11988 c.1; the definition of “insurance company" in section 431(2) was amended by section 52 of the Finance Act 1995 (c.4).
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