keep The National Savings (Amendment) Regulations 2023
Amendment to National Savings (No. 2) Regulations 2015 introducing: (1) mandatory notice issuance when new certificates are issued confirming purchase or rolled-over term commencement with date of issue; (2) definitions for 'cooling-off period' (30 days from notice) and 'new certificate' (post-22 July 2023 purchases/rollovers); (3) restrictions on early repayment for new certificates, preventing access before term ends, except during the 30-day cooling-off period when repayment must be made, or at Director's discretion if unjust not to.
While this regulation does impose administrative requirements and restrict early access to savings, these costs are minimal and proportionate. The notice requirement provides documentation that prevents disputes about purchase confirmation. The 30-day cooling-off period is a reasonable consumer protection that imposes negligible cost on the scheme. Critically, early repayment restrictions are inherent to fixed-term savings products — without them, the product structure collapses. This regulation does not reflect EU gold-plating, does not harm City competitiveness, does not restrict housing supply, and does not create monopoly barriers. It is specific to a government savings scheme and represents legitimate consumer protection without significant economic harm.