# The Individual Savings Account Regulations 1998, Regulation 14: Account manager—qualifications and Board’s approval

Extent: E+W+S+N.I.

(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;
(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 FISMA 2000 who has permission (other than an interim permission) to carry on one or more of the activities specified in Articles 14, 21, 25, 36H, 37, 39G, 40, 45, 51ZA, 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 carries on one or more of those activities; or
(iia) in the case of a credit union, an authorised person within the meaning of FISMA 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) ... the Director of Savings, a building society or a person falling within section 991(2)(b) or (c) or (3)(c) of ITA 2007 (bank or credit union); or
(iv) ... an insurance company, within the meaning given by section 431(2) of the Taxes Act , an incorporated friendly society, or a registered friendly society; or
(v) any assurance undertaking which does not fall within paragraph (iv) above;
(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—
(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 cash accounts only, or stocks and shares accounts only, or innovative finance accounts only, or Lifetime ISAs only, or any combination of such accounts, and
(b) include conditions designed to ensure that the provisions of these Regulations are satisfied.

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Source: https://www.legislation.gov.uk/uksi/1998/1870/regulation/14 (the official version)
Page: https://openlegislation.uk/individual-savings-account-regulations-1998/regulation-14
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.