Explanatory note

These Regulations make further amendments to the Child Trust Funds Regulations 2004 (S.I. 2004/1450: “the main Regulations” which have already been amended once by S.I. 2004/2676). The main effect of the amendments is to make provision for the Official Solicitor (or Accountant of Court, in Scotland) to give instructions for the management of accounts of children looked after by a local authority who have no-one appropriate to act as “registered contact” for their account. There are also technical amendments to the main Regulations.

Regulation 1 provides for citation and commencement and regulation 2 for the amendment of the main Regulations.

Regulations 3 and 6 provide for technical amendments to the main Regulations, including provision for stakeholder accounts.

Regulation 4 extends information and inspection of record powers in regulations 34 and 35 of the main Regulations to local authorities (for the purposes of their role under regulations 33 and 33A).

Regulation 5 provides for the circumstances in which the Official Solicitor (or Accountant of Court in Scotland) is to act as registered contact for a looked after child’s account, and the circumstances in which he is to cease to act.

A full Regulatory Impact Assessment was prepared and issued on the introduction to Parliament of the Child Trust Funds Bill (passed as the 2004 Act) in November 2003.