The Individual Savings Account (Amendment No. 2) Regulations 2002

• Citation: S.I. 2002/1974
• Sections: 5

Section 1 Citation and commencement

(1) These Regulations may be cited as the Individual Savings Account (Amendment No. 2) Regulations 2002.

(2) These Regulations shall come into force on 1st October 2002 and shall apply to all accounts, whether set up before or after that date.

Section 2 Interpretation

In these Regulations “the principal Regulations ” means the Individual Savings Account Regulations 1998 and “regulation” means a regulation of the principal Regulations.

Section 3 Amendments to the principal Regulations

(1) Amend regulation 4 as follows.

(2) In paragraph (6)(f)—

(a) for the words from “at” to “agreed” substitute “on the instructions of the account investor (“the transfer instructions”) and within such time as is stipulated by the account investor in the transfer instructions”;

(b) for the word “may” (where it secondly appears) substitute “shall”.

(3) After paragraph (6)(f) insert—

(fa) that on the instructions, subject to regulation 9(3)(b), of the account investor (“the withdrawal instructions”) and within such time as is stipulated by the account investor in the withdrawal instructions, account investments, interest, dividends, rights or other proceeds in respect of such investments or any cash shall be transferred or paid to him;

(4) After paragraph (6) insert—

(7) The time stipulated in transfer instructions or withdrawal instructions shall be subject to any reasonable business period (not exceeding 30 days) of the account manager required for the practical implementation of the instructions.

Section 4 Amendments to the principal Regulations

Omit regulation 12(3)(g)(iii) .

Section 5 Amendments to the principal Regulations

Omit regulation 13(4)(h)(iii) .