Regulation 5 Opening of account by responsible person or the child

For the purposes of these Regulations, subject to F1paragraphs (1A) and (2), an account is opened for a child (“the named child”) with an account provider on the date the last of the following conditions is satisfied (in any order) where “the applicant” means—

the short expiry date of the voucher,

the amount of the initial contribution as specified on the voucher, and

where the date of birth shown on the voucher differs from the actual date of birth of the child (see regulation 13(5)(c)), the date of birth shown on the voucher.

In any case where the management agreement is a distance contract, the agreement must be an initial service agreement for the purposes of the Distance Marketing Directive M1, and contain the instructions required by regulation 8(1)(f), and

in every case where there is any right to cancel (or automatic cancellation of) the management agreement, the period during which it may be exercised or occur has expired without that right being exercised or cancellation occurring.

The application to open the account must be made, and Condition 2 satisfied, not later than the F6short expiry date of the voucher.

An account must satisfy the requirements that—