Regulation 14 Account manager—qualifications and Board’s approval

United Kingdom

(1)

This regulation specifies the circumstances (“qualifying circumstances") in which a person may be approved by the Board as an account manager.

(2)

The qualifying circumstances to which paragraph (1) refers are the following—

(a)

the person must make an application to the Board for approval in a form prescribed by the Board;

F1(aa)

if the person intends to be an account manager in relation to a junior ISA account, the person must undertake to the Board to—

(i)

publicise (and update where appropriate) statements of the minimum amount which may be subscribed to a junior ISA account on a single occasion, and the permitted means of payment of subscriptions; and

(ii)

inform persons proposing to make a subscription to a junior ISA account (other than the named child) that the subscription is a gift to the child;

(b)

an account manager must be—

(i)

an authorised person within the meaning of F2F3FISMA 2000 who has permission F4(other than an interim permission) to carry on one or more of the activities specified in Articles 14, 21, 25, F536H, 37, 39G, 40, 45, F651ZA, 51ZC, 51ZE and 53 and, in so far as it applies to any of those activities, Article 64 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 but excluding any person falling within paragraph (iv) below; or

(ii)

a European institution which F7carries on one or more of those activities; or

F8(iia)

in the case of a credit union, an authorised person within the meaning of F9FISMA 2000, who has permission to carry on one or more of the activities specified in Article 5 of the Financial Services And Markets Act 2000 (Regulated Activities) Order 2001;

(iii)

F10... F11the Director of Savings, a building society F12or a person falling within section 991(2)(b) or (c) or (3)(c) of ITA 2007 (bank or credit union); or

(iv)

F13... an insurance company, within the meaning given by section 431(2) of the Taxes Act M1, an incorporated friendly society, or a registered friendly society; or

(v)

F14any assurance undertaking which does not fall within paragraph (iv) above;

F15(c)

an account manager must not be prevented from acting as such by any requirement imposed under Part 4A of FISMA 2000, or by any prohibition imposed by or under any rules made by the Financial Conduct Authority or the Prudential Regulation Authority under that Act; and

(d)

an account manager who—

F16(i)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(ii)

falls within sub-paragraph (b)(v),

must fulfil one of the three requirements specified in regulation 16.

(3)

The terms of the Board’s approval may—

(a)

approve a person to set up and administer F17cash accounts only, or stocks and shares accounts only, F18or innovative finance accounts only, F19or Lifetime ISAs only, or any combination of such accounts, F20and

(b)

include conditions designed to ensure that the provisions of these Regulations are satisfied.

Annotations

Textual amendments

F1: Reg. 14(2)(aa) inserted (1.11.2011) by The Individual Savings Account (Amendment No. 2) Regulations 2011 (S.I. 2011/1780), regs. 1, 20(a)
F2: Words in reg. 14(2)(b)(i) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), arts. 1(2)(b), 175(a)
F3: Words in reg. 14(2)(b) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 22(5)(a)
F4: Words in reg. 14(2)(b)(i) inserted (6.4.2016) by The Individual Savings Account (Amendment No. 2) Regulations 2016 (S.I. 2016/364), regs. 1, 15(a)(i)
F5: Words in reg. 14(2)(b)(i) substituted (6.4.2016) by The Individual Savings Account (Amendment No. 2) Regulations 2016 (S.I. 2016/364), regs. 1, 15(a)(ii)
F6: Words in reg. 14(2)(b)(i) substituted (6.4.2017) by The Individual Savings Account (Amendment) Regulations 2017 (S.I. 2017/186), regs. 1, 7
F7: Words in reg. 14(2)(b)(ii) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), arts. 1(2)(b), 175(b)
F8: Reg. 14(2)(b)(iia) inserted (27.12.2005) by The Individual Savings Account (Amendment No. 3) Regulations 2005 (S.I. 2005/3350), regs. 1, 10
F9: Words in reg. 14(2)(b)(iia) substituted (1.9.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 3) Order 2013 (S.I. 2013/1765), arts. 1, 3
F10: Words in reg. 14(2)(b)(iii) omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Individual Savings Account (Amendment No. 2) Regulations 2004 (S.I. 2004/2996), regs. 1(1), 14(a)(i)
F11: Words in reg. 14(2)(b)(iii) substituted (6.4.1999) by The Individual Savings Account (Amendment) Regulations 1998 (S.I. 1998/3174), regs. 1, 8
F12: Words in reg. 14(2)(b)(iii) substituted (6.4.2014) by The Individual Savings Account (Amendment) Regulations 2014 (S.I. 2014/654), regs. 1(1), 11
F13: Words in reg. 14(2)(b)(iv) omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Individual Savings Account (Amendment No. 2) Regulations 2004 (S.I. 2004/2996), regs. 1(1), 14(a)(ii)
F14: Word in reg. 14(2)(b)(v) substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Individual Savings Account (Amendment No. 2) Regulations 2004 (S.I. 2004/2996), regs. 1(1), 14(a)(iii)
F15: Reg. 14(2)(c) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 22(5)(b)
F16: Reg. 14(2)(d)(i) omitted (6.4.2024) by virtue of The Individual Savings Account (Amendment) Regulations 2024 (S.I. 2024/350), regs. 1, 20
F17: Words in reg. 14(3)(a) substituted (6.4.2008) by The Individual Savings Account (Amendment) Regulations 2007 (S.I. 2007/2119), regs. 1, 17
F18: Words in reg. 14(3)(a) substituted (6.4.2016) by The Individual Savings Account (Amendment No. 2) Regulations 2016 (S.I. 2016/364), regs. 1, 15(b)
F19: Words in reg. 14(3)(a) inserted (6.4.2017) by The Individual Savings Account (Amendment No. 2) Regulations 2017 (S.I. 2017/466), regs. 1, 25
F20: Word in reg. 14(3)(a) substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Individual Savings Account (Amendment No. 2) Regulations 2004 (S.I. 2004/2996), regs. 1(1), 14(b)(ii)

Marginal citations

M1: 1988 c.1; the definition of “insurance company" in section 431(2) was amended by section 52 of the Finance Act 1995 (c.4).