(1) An employer is required, in cases where payments of benefits to members of trust schemes are made by him, to make into a separate account kept by him at an deposit taker, any payment of benefit which has not been made to a member within 2 business days from the date of receipt by the employer.

(2)

(a) In this regulation "deposit taker" means -

(i) a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits; or

(ii) an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of having qualified for authorisation under paragraph 12(1) of that Schedule) to accept deposits;

(b) sub-paragraph (a) must be read with -

(i) section 22 of the Financial Services and Markets Act 2000,

(ii) any relevant order under that section, and

(iii) Schedule 2 to that Act.