[F1Further requirements relating to transfers between cash accountsU.K.

21A.—(1) This regulation applies where an account investor, through the agency of an account manager (“the transferee”), gives instructions (“transfer instructions”) to an account manager with whom the account investor holds a cash account (“the transferor”) for that account or part of that account to be transferred, subject to and in accordance with [F2regulations 21 or 21B, to a cash account held by the account investor with the transferee.]

(2) Where this regulation applies—

(a)the transferee shall, within 5 business days beginning on the instruction day, send to the transferor—

(i)the transfer instructions; and

(ii)a notice specifying that the transferee consents to the transfer (“the consent notice”);

(b)the transferor shall, within 5 business days beginning on the day that the transferor receives the transfer instructions and the consent notice,—

(i)transfer to the transferee the subscriptions specified in the transfer instructions; and

(ii)send to the transferee a notice containing the information specified in paragraph (3); and

(c)the transferee shall ensure that the subscriptions specified in the transfer instructions are transferred to a cash account [F3held by the account investor] with the transferee within 3 business days beginning on the day that the transferee receives the subscriptions and the notice referred to in sub-paragraph (b)(ii).

(3) The information specified in this paragraph is—

(a)as regards the account investor—

(i)the full name of the account investor,

(ii)the address of the account investor’s permanent residence, including postcode,

(iii)the date of birth of the account investor, and

(iv)the national insurance number of the account investor (if any), F4...

(b)as regards the cash account or any part of the cash account—

(i)the date of the transfer,

(ii)the total amount of cash subscribed to the account during the period from the beginning of the year in which the transfer takes place to the date of the transfer,

[F5(iii)in relation to the transfer of an account that is not a junior ISA account, the date on which the first subscription (if any) was made to the account in the year in which the transfer takes place,

(iiia)in relation to the transfer of an account that is a junior ISA account, the date on which the subscription described in paragraph (3A) was made (if appropriate), and]

(iv)the reference number or other means used by the transferor to identify the account belonging to the account investor in respect of which the transfer is made[F6, and

(c)in relation to an account that is a junior ISA account—

(i)the full name of the registered contact,

(ii)the address of the registered contact’s permanent residence, including postcode].

[F7(3A) The subscription referred to in paragraph (3)(b)(iiia) is the first subscription to the account provided the subscription is made in the same year as the transfer.]

(4) For the purposes of paragraph (2)(a) and (b), the transfer instructions and the notices (as appropriate) shall be treated as sent if they are—

(a)posted to, or left at, the proper address of the transferor or the transferee (as appropriate); or

(b)transmitted by electronic communication.

(5) For the purposes of paragraph (2)(b), where the transferor receives the transfer instructions and consent notice on different days, they must both be treated as received on the latest of those days.

(6) For the purposes of paragraph (2)(c), where the transferee receives subscriptions specified in the transfer instructions and the notice described in paragraph (2)(b) on different days, they must all be treated as received on the latest of those days.

(7) In this regulation—

F8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

“electronic communication” includes any communication conveyed by means of an electronic communications network;

“instruction day” means—

(a)

the day stipulated by the account investor for the transferee to begin the transfer process, or

(b)

if no day is stipulated, the day that the transfer instructions are received by the transferee;

“subscriptions” means the current year’s subscriptions and the previous years’ subscriptions as described in regulation 21(1).

(8) For the purposes of this regulation—

(a)a document is “posted” if it is sent pre-paid by a postal service which seeks to deliver documents by post within the United Kingdom no later than the next business day in all or the majority of cases, and to deliver by post outside the United Kingdom within such a period as is reasonable in all the circumstances; and

(b)the “proper address” to which a document is to be sent is any current address provided by the transferor or transferee as an address for service of such documents, but if no current address is provided then it shall be the address of its registered or principal office in the United Kingdom.]

Textual Amendments

F5Reg. 21A(3)(b)(iii)(iiia) substituted for reg. 21A(3)(b)(iii) (8.8.2012) by The Individual Savings Account (Amendment) (No. 2) Regulations 2012 (S.I. 2012/1871), regs. 1, 17(a)