Commentary on Sections Overview Overview Section 857: Investments to be treated as being or as not being relevant investments
2598.This section sets out the rules governing when deposit-takers and building societies should treat investments as relevant (depending on the information they hold). It is based on section 482 of ICTA and regulation 11(4) of the building society regulations.
2599.Subsection (1) states that deposit-takers and building societies must treat an investment as a relevant investment unless they are satisfied that it is not a relevant investment.
2600.As part of the alignment of the two regimes, building societies will no longer need to obtain declarations from persons previously falling under the gross payment categories mentioned in regulation 4(1)(d) to (g), (k) and (r) of the building society regulations in order that payment can be made gross. See Change 129 in Annex 1.