2

Subject to regulation 28, where the payment of any amount repayable in respect of a certificate is made by relevant means to a person who is not entitled under these Regulations to receive it, the payment is deemed to have been made to a person who is so entitled if it was made—

a

in good faith and without negligence; and

b

in consequence of some act or omission on the part of a person who is so entitled.

3

Subject to regulation 28, where the payment of any amount repayable in respect of a rolled-over certificate or a certificate purchased after 19th September 2012 is made by electronic transfer, neither the Treasury nor the Director of Savings is liable for—

a

any delay in the completion of the payment, if the delay is outside the direct control of the Director of Savings; or

b

any failure in the operation of any system through which the electronic transfer is conducted, if the failure is outside the direct control of the Director of Savings.

4

In this regulation—

• “electronic transfer” means a transfer of money by electronic or automated processes which do not involve the delivery and collection of a payable instrument, or the delivery of cash, to a bank or building society account to which payment is capable of being made by those processes; and

• “relevant means” means—

  1. a

     in the case of a rolled-over certificate or a certificate purchased after 19th September 2012, payment by crossed warrant or by electronic transfer; and

  2. b

     in the case of any other certificate, payment by crossed warrant.