Explanatory note

These Regulations amend the National Savings Regulations (No. 2) 2015 (S.I. 2015/624), (“the NS&I Regulations”), which govern the functions of the Director of Savings (the “Director”) in relation to the sale of certain government securities issued under section 12(2) National Loans Act 1968 (c.13). Premium savings bonds (“bonds”) are one such security and these Regulations relate solely to bonds.

These Regulations amend regulation 4(4)(a) of the NS&I Regulations to permit any person who is over the age of sixteen years old, and who is not under a legal disability, to purchase bonds on behalf of another person under the age of sixteen years old.

These Regulations also amend regulation 8(2) to increase the discretion available to the Director, so that he may decide who is a proper person to receive payments in respect of bonds that are held by those under the age of 16 years.

A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sectors is foreseen.