Regulation 9 Amendment of the Child Trust Funds Regulations 2004

In regulation 31 (records to be kept by account provider), after paragraph (2) insert—

“(3)

Where an account is transferred by an account provider (“the transferor”) to another account provider (“the transferee”) in a group transfer of accounts, any records (or copies of records) kept by the transferor in respect of the account at the time when it is transferred shall be treated for the purposes of this regulation as kept by the transferee for so long as sub-paragraphs (a), (b) and (c) of paragraph (4) apply.

(4)

For the purposes of paragraph (3)—

(a)

this sub-paragraph applies as if the records described in paragraph (3) are kept by the transferor;

(b)

this sub-paragraph applies if the transferor and transferee are members of the same group of companies; and

(c)

this sub-paragraph applies if the transferee can require the transferor to make the records available to the transferee for any purpose necessary to ensure the transferee’s compliance with these regulations.”.