Regulation 16 Designated accounts
(1)
A scheme administrator must hold one or more designated accounts for the purposes of regulation 11(c).
(2)
Designated accounts must not contain any sums other than—
(a)
tenancy deposits paid into them by the scheme administrator;
(b)
such sums of money belonging to the scheme administrator as may be necessary for the purpose of opening the account;
(c)
such sums of money as may be necessary to replace any sum which by error has been withdrawn from the account; and
(d)
interest.