TISA comments on CTF and JISA transfer consultation
In response to the publication of the consultation document into the proposal to allow a Child Trust Fund to be transferred into a Junior ISA, Carol Knight, Director of Member Services at TISA said:
“We believe that it is essential that the primary aims of both schemes are supported and that the best outcomes are achieved for the majority of children, whatever the result of this consultation.
“To this end, since the consultation was first announced in the 2013 Budget, TISA has held several meetings with HMT and HMRC to discuss the issues, options, risks and potential outcomes involved in the proposal. HMT and HMRC have also attended a meeting of TISA’s Children’s Savings Advisory Council to talk directly to representatives of the industry and to gain input for the consultation document.
“We now urge all interested parties to feedback on the questions posed by the consultation. For our part an immediate consideration is that if CTFs are to be retained then a mechanism should be established to facilitate the automatic default on maturity into an Adult ISA.”
According to the latest TISA CTF statistics project report representing approximately 70% of all CTF accounts there were 4,274,698 CTF accounts open as at 15 March 2013.
Ends……
For further information, please contact:
Carol Knight, Director of Member Services, TISA – Tel: 01642 666989, Mobile: 07967 317003 Email: carol.knight@tisa.uk.com
Issued on behalf of TISA by Cauldron Consulting, contact Steve Radford – Tel: 020 7680 6568, 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 130 member firms involved in the supply or distribution of products. TISA’s remit extends across the broad spectrum of savings vehicles & services and centralised investment propositions.