Commentary Section 5 Approvals
37.Section 5 relates to the approval of account providers by HMRC.
38.Subsection (1) provides that regulations made by the Treasury under section 4(1) may include provisions enabling the Commissioners to impose conditions on an approved account provider, and to withdraw approval to offer Saving Gateway accounts.
39.Subsection (2) enables regulations to impose certain information requirements on providers whose approval to offer Saving Gateway accounts has been, or is to be, withdrawn. The details of the process to be followed in such circumstances will be set out in regulations but may , for example, include a requirement that such account providers notify account holders of the right to transfer their account to another account provider.