The Individual Savings Account Regulations 1998

Account manager ceasing to qualify U.K.

20.— [F1 (1) A person shall cease to qualify as an account manager and shall notify the Board within 30 days of the relevant event in sub-paragraphs (a) to (e), of that relevant event, where—

(a) the person no longer fulfils the conditions of regulation 14;

(b) there is an insolvency event in relation to the account manager;

[F2 (ba) a debt relief order is made in respect of the person (under Part 7A of the Insolvency Act 1986) or;]

(c) an application has been made for a bank insolvency order or a bank administration order;

(d) in the case of a building society, a person falling within section 991 of ITA 2007 or a credit union—

(i) it ceases to be a building society or to fall within section 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 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

(e) in the case of a European institution, a relevant authorised person or an assurance undertaking which falls within regulation 14(2)(b)(iv) and (v), action corresponding to any described in sub-paragraphs (b) to (d) 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 account investor of his right to transfer the account under regulation 21 [F3 or 21B (as appropriate)], and the notice shall inform the account investor of his rights under paragraph (3).

(3) Where the account investor—

(a) receives a notice under paragraph (2), or [F4 regulation F5 ...19], and

(b) within 30 days of the sending of the notice to him, transfers the account to another account manager pursuant to regulation 21 [F6 or 21B (as appropriate)],

the period between the transferor ceasing to act or to qualify as an account manager, and the transfer to the transferee, shall be ignored in determining whether the account has at all times been managed by an account manager.

[F7 (4) Where an account investor—

(a) receives a notice under regulation 17(4), and

(b) within the period of 30 days beginning with the date from which the Board’s approval is withdrawn transfers the account to another manager pursuant to regulation 21 or 21B (as appropriate),

the period between the date from which the approval is withdrawn and the transfer to the transferee shall be ignored for the purposes of determining whether the account has at all times been managed by an account manager.

(5) Paragraph (6) applies in relation to an account manager of a junior ISA who has sent a notice referred to in paragraph (1).

(6) An account manager must not cease to act as an account manager in relation to a junior ISA account until that account has been transferred to another account manager in accordance with paragraph (8) or (8H) of regulation 21B.]

Textual Amendments

F1 Reg. 20(1) substituted (1.11.2011) by The Individual Savings Account (Amendment No. 2) Regulations 2011 (S.I. 2011/1780), regs. 1, 23(a)

F2 Reg. 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. 11 (with art. 7)

F3 Words in reg. 20(2) inserted (1.11.2011) by The Individual Savings Account (Amendment No. 2) Regulations 2011 (S.I. 2011/1780), regs. 1, 23(b)

F4 Words in reg. 20(3)(a) substituted (1.11.2011) by The Individual Savings Account (Amendment No. 2) Regulations 2011 (S.I. 2011/1780), regs. 1, 23(c)

F5 Words in reg. 20(3)(a) omitted (6.4.2023) by virtue of The Individual Savings Account (Amendment) Regulations 2023 (S.I. 2023/264), regs. 1, 12(a)

F6 Words in reg. 20(3)(b) inserted (1.11.2011) by The Individual Savings Account (Amendment No. 2) Regulations 2011 (S.I. 2011/1780), regs. 1, 23(d)

F7 Reg. 20(4)-(6) inserted (6.4.2023) by The Individual Savings Account (Amendment) Regulations 2023 (S.I. 2023/264), regs. 1, 12(b)