Regulation 12 Statements for an account

(1)

Except where a passbook is provided in accordance with paragraph (5), the account provider must issue a statement for the account—

(a)

at least six monthly, and

(b)

where an account is transferred to another account provider under regulation 19, as at the transfer date.

(2)

The statement date in the case of a six monthly statement must be the end of the sixth, twelfth, eighteenth or twenty fourth month of the account’s operation, as the case may be.

(3)

The statement shall be sent to the account holder within 30 days of the statement date.

(4)

Statements shall include the following information—

(a)

the full name of the account holder;

(b)

his or her address, including postcode;

(c)

the statement date;

(d)

the balance of the account at the previous statement date (if any), and otherwise at the opening of the account;

(e)

all payments into and withdrawals from the account during the statement period ending on the statement date;

(f)

a provisional calculation of the maturity payment (based on the qualifying balance achieved between the opening of the account and the statement date); and

(g)

the closing balance of the account at the statement date.

(5)

An account provider may comply with its obligations under this regulation (other than under paragraph (4)(f), if paragraph (6) applies) by issuing the account holder with a passbook for the account which, on presentation at a branch of the account provider, is up-dated to include the same information as a statement, omitting references in paragraph (4) to a statement date or statement period.

(6)

The information in paragraph (4)(f) may, at the option of the account provider, be provided in a notice to the account holder which is separate from the statement or passbook.