Commentary Section 7 Transfers
46.Section 7 enables the Treasury to make regulations regarding the transfer of accounts from one account provider to another. The circumstances in which accounts may be transferred between providers, and the detail of the account transfer procedure, will be set out in regulations. The Government intends to provide in regulations that an account provider will only be required to offer account holders the right to transfer Saving Gateway accounts in circumstances where the account provider is not permitted, not willing, or otherwise not able, to offer the account to the end of its maturity period. Account providers may, however, also choose to offer account transfers in other circumstances.