Sch 3A para 6A Bank accounts for minors etc
(1) A trust which is created as a requirement of opening a relevant account for the sole benefit of— (a) a person under the age of 18; (b) a person who lacks capacity within the meaning of section 2 of the Mental Capacity Act 2005; (c) a person who is incapable within the meaning of section 1 of the Adults with Incapacity (Scotland) Act 2000; or (d) a person who is incapable of managing and administering the person’s property and affairs, by reason of mental disorder within the meaning of Article 3(1) of the Mental Health (Northern Ireland) Order 1986. (2) In this paragraph— “ relevant account ” means an account, consisting only of a sum of money, held with an authorised Part 4A person carrying on by way of business the activity specified in article 5 (accepting deposits) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001; “ authorised Part 4A person ” means an authorised person who has a Part 4A permission, within the meaning given to that term in section 55A(5) of FSMA, to carry on that specified activity.