An account must be managed in accordance with the Regulations by an account manager under terms agreed with the account investor1. Different kinds of schemes may be marketed, enabling investment in particular kinds of shares or offering varying terms regarding withdrawals.
An account manager may delegate to a third party, eg a bank, some or all of his administrative functions, but must ensure that any person to whom he delegates functions or responsibilities under the terms agreed with the account investor is competent to carry out those functions or responsibilities2.
Account investments must be beneficially owned by the investor, but except in the case of cash deposited with a bank, building society or the National Savings Bank, the investments must be registered in the name of the account manager (or his nominee) or jointly with the investor. The share certificate or other evidence of title is held by the account manager or as he may direct3.
This rule means that any investments in an ISA cannot be used by the investor
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Web page updated on 17 Mar 2025 17:36