The Financial Services and Markets Act 2000 (Stakeholder Products) (Amendment) Regulations 2005

Statutory Instruments

2005 No. 594

FINANCIAL SERVICES AND MARKETS

The Financial Services and Markets Act 2000 (Stakeholder Products) (Amendment) Regulations 2005

Made

9th March 2005

Laid before Parliament

10th March 2005

Coming into force

6th April 2005

The Treasury, in exercise of the powers conferred upon them by section 428 of the Financial Services and Markets Act 2000(1) and article 52B(3) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001(2), hereby make the following Regulations:

1.  These Regulations may be cited as the Financial Services and Markets Act 2000 (Stakeholder Products) (Amendment) Regulations 2005 and come into force on 6th April 2005.

2.—(1) The Financial Services and Markets Act 2000 (Stakeholder Products) Regulations 2004(3) are amended as follows.

(2) In paragraph (b) of regulation 4 (certain deposit accounts)—

(a) for “as a means of payment to the account payment by” substitute—

• “payment to the account by any of the following means, at the option of the account-holder”;

(b) omit sub-paragraph (iii).

(3) In paragraph (2)(b) of regulation 7 (characteristics and conditions applicable to certain stakeholder products) for the words from “as a means” to “payment by” substitute—

• “payment to the investment scheme by any of the following means, at the option of the investor”.

Joan Ryan

Nick Ainger

Two of the Lords Commissioners of Her Majesty’s Treasury

9th March 2005

Explanatory Note

(This note is not part of the Regulations)

These Regulations amend the Financial Services and Markets Act 2000 (Stakeholder Products) Regulations 2004. Regulation 2(2) amends one of the qualifying conditions for a deposit account to be a stakeholder product. Regulation 2(3) makes an amendment consequent on the amended wording in regulation 2(2).

(1)

2000 c. 8.

(2)

S.I. 2001/544; article 52B was inserted by S.I. 2004/2737.

(3)

S.I. 2004/2738.