The Child Trust Funds Regulations 2004

Transfer of accounts to other account providers

21.—(1) Where—

(a) arrangements are made by a registered contact to transfer the whole of the investments under an account from one account provider (“the transferor”) to another account provider (“the transferee”), or

(b) the whole of the investments under an account are so transferred in consequence of an account provider (“the transferor”) ceasing to act or to qualify as an account provider,

the transfer shall be treated as a transfer of the account.

(2) The account and its description under regulation 4 shall not be affected for the purposes of these Regulations by reason of the transfer, save that, where the registered contact specifies in accordance with paragraph (3)(a) an account of a different description, the account shall, on the transfer, become an account of that other description.

(3) The registered contact shall make—

(a) the application required by regulation 13(2) (modified as if the words “applied for” were replaced with “transferred”), and

(b) the application and declaration required by regulation 13(3) to (5),

to the transferee.

(4) The transferor shall on the date of the transfer give the transferee a notice containing the information specified in paragraph (5) and the declaration specified in paragraph (6).

(5) The information specified in this paragraph is—

(a) as regards the named child—

(i) his full name,

(ii) his date of birth,

(iii) his unique reference number;

(b) as regards the account—

(i) the description of the account,

(ii) the date of the transfer,

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

(iv) any amount which has been claimed from the Board under regulations 26, 27 or 30 and which has not been paid at the date of the transfer;

(c) the full name and address, including postcode, of the registered contact who has made the transfer arrangements.

(6) The declaration specified in this paragraph is a declaration by the transferor that—

(a) he has fulfilled all his obligations to the named child, the Board or otherwise, which are imposed by these Regulations;

(b) he has transferred to the transferee or his nominee all the account investments and that, where registration of any such transfer is required, he has taken the necessary steps to ensure that those account investments can be registered in the name of the transferee or nominee;

(c) he will forward any further payment received in respect of those account investments to the transferee, on receipt of the payment, and

(d) the information contained in the notice is correct.