Junior ISA proposals win TISA approval
Today’s announcement of the draft regulations for the new Junior ISA (JISA) is being given a positive response by TISA.
Tony Vine-Lott, Director General of TISA says:
“Confirmation that the anti-money laundering treatment will be the same as it is for Child Trust Funds is a key announcement. This will enable friends and family to subscribe which will be essential to help establish JISAs as a core savings product for a child. It will also encourage more providers to offer JISAs as will the fact that there will be no minimum subscription.
“Allowing all children under the age of 18 who do not qualify for a CTF to open a JISA will also add to the appeal. The move to align the current CTF annual contribution limit of £1200 to the JISA limit of £3000 is also very sensible.
“I am greatly encouraged that JISAs will be used to support saving for looked-after children. The Chancellor recently indicated that the necessary funding will be made available and that consultation is taking place with charities and other interested parties on how this will work in practice.
“It is understandable why Government funding will not be available for all children and initially this is likely to restrict the universal take up of JISAs. However as JISAs gain wider recognition I expect that we will see many more children benefiting. The industry has a role to play here to promote JISAs and the opportunities that they offer to give children a financial head start into adulthood.”
TISA will continue to be involved in the consultation process which is expected to conclude in May.
Ends……
For further information, please contact:Tony Vine-Lott, Director General, TISA – Tel: 01372 374728, Mobile: 07790 006108Email: tony.vine-lott@tisa.uk.com
Issued on behalf of TISA by Cauldron Consulting, contact Steve Radford – Tel: 020 3178 7238, Mobile: 07889 903786 Email: steve.radford@cauldron-consulting.com
Notes for Editors
The Tax Incentivised Savings Association (TISA)
TISA is the premier industry funded body in the UK retail savings and investment industry. By engaging with member firms, government, political parties, regulators and consumer groups TISA’s ultimate goal is always to further consumers’ best interests. It seeks to improve the range, features and quality of savings and investment schemes available whilst encouraging more people to save for their financial security and peace of mind.
Uniquely, TISA is able to articulate the opinions of the whole savings and investments marketplace through its membership comprising over 120 member firms involved in the supply or distribution of products. TISA’s remit extends across the broad spectrum of government sponsored savings and investment vehicles.