HSTM03700 | Administration: "Repair" of invalid accounts

Where there have been minor breaches of the Help-to-Save regulations, there are provisions enabling an account to be ‘repaired’ without removing the Help-to-Save status from the account. For instance if the account holder was incorrectly allowed to pay more than the monthly maximum payment. The account provider or account holder is required to take any steps necessary to remedy the breach. Where a breach is remedied, the account must, to the extent of that breach, be treated as having been a valid Help-to-Save account at all times.

However, an invalid account cannot be repaired if false declarations were made at the time the account is opened in relation to:

• The applicant not having previously opened a Help-to-Save account

• The applicant being an eligible person who is entitled to open a Help-to-Save account

• The information contained in the application being true and complete