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2004 No. 3382

CHILD TRUST FUNDS

The Child Trust Funds (Amendment No. 2) Regulations 2004

  Made 21st December 2004 
  Laid before Parliament 21st December 2004 
  Coming into force 6th April 2005 

The Treasury, in exercise of the powers conferred upon them by sections 3(2), (5), (7) and (10), 16 and 28(1) to (4) of the Child Trust Funds Act 2004[1], make the following Regulations:

Citation and commencement
     1. These Regulations may be cited as the Child Trust Funds (Amendment No. 2) Regulations 2004 and shall come into force on 6th April 2005.

Amendments to the Child Trust Funds Regulations 2004
    
2. The Child Trust Funds Regulations 2004[2] are amended as follows.

     3. In regulation 13(11)[3] add at the end "and shall be treated as a party to the existing management agreement for the account in question".

     4. In regulation 33[4] add at the end - 

     5. After regulation 33 insert - 

     6. In the Schedule to the Regulations - 


Jim Murphy

Nick Ainger
Two of the Lords Commissioners of Her Majesty's Treasury

21st December 2004



EXPLANATORY NOTE

(This note is not part of the Regulations)


These Regulations make further amendments to the Child Trust Funds Regulations 2004 (S.I. 2004/1450: "the main Regulations" which have already been amended once by S.I. 2004/2676). The main effect of the amendments is to make provision for the Official Solicitor (or Accountant of Court, in Scotland) to give instructions for the management of accounts of children looked after by a local authority who have no-one appropriate to act as "registered contact" for their account. There are also technical amendments to the main Regulations.

Regulation 1 provides for citation and commencement and regulation 2 for the amendment of the main Regulations.

Regulations 3 and 6 provide for technical amendments to the main Regulations, including provision for stakeholder accounts.

Regulation 4 extends information and inspection of record powers in regulations 34 and 35 of the main Regulations to local authorities (for the purposes of their role under regulations 33 and 33A).

Regulation 5 provides for the circumstances in which the Official Solicitor (or Accountant of Court in Scotland) is to act as registered contact for a looked after child's account, and the circumstances in which he is to cease to act.

A full Regulatory Impact Assessment was prepared and issued on the introduction to Parliament of the Child Trust Funds Bill (passed as the 2004 Act) in November 2003.


Notes:

[1] 2004 c. 6.back

[2] S.I. 2004/1450; amended by S.I. 2004/2676.back

[3] Regulation 13(11) was inserted by regulation 9 of S.I. 2004/2676.back

[4] Regulation 33 was amended (and paragraph (7) inserted) by regulation 14 of S.I. 2004/2676.back

[5] 1989 c. 41.back

[6] S.I. 1995/755 (N.I. 2).back

[7] 1995 c. 36.back

[8] 1983 c. 20.back

[9] 2000 asp 4.back



ISBN 0 11 051403 3


  © Crown copyright 2004

Prepared 31 December 2004


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URL: http://www.bailii.org/uk/legis/num_reg/2004/20043382.html