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Improving the reputation and effectiveness of the financial service industry through better engagement with consumers
The first children with a Child Trust Fund (CTF) product reached the age of 18 in September 2020 and were entitled to receive and take action on the maturity proceeds. The regulations, industry and publicity needed to be in place for this.
The 2015 regulations were changed to confirm that the proceeds of a matured CTF would be protected. However, the regulations needed to be detailed and the processes put in place in order that the account held was able to either take the proceeds or reinvest them into an adult ISA should they wish. This needed to be completed by September 2020 when the first CTFs matured. In addition, publicity was needed to raise the profile of those that hold a CTF, particularly those in care who could benefit most from the proceeds.
The Child Trust Fund (CTF) Maturity Working Group aims to improve the reputation and effectiveness of the financial service industry through better engagement with consumers and promoting their interests.
Goal/s: Originally to have effective regulations in place and matching processes before the first maturities in September 2020 which was achieved – the current goal is to ensure mechanisms are in place to ensure account holder can gain access.
Association of Financial Mutuals
Columbia Threadneedle Fund Management Limited
Building Societies Association
Cambridge Building Society
Co-operative Banking Group
Coutts & Co
HM Revenue & Customs
Lloyds Banking Group
Santander UK Plc
Skipton Building Society
Suffolk Building Society
Yorkshire Building Society
Nigel Banfield, Technical Policy Manager (Cash Savings) leads on this work at TISA