TISA supports consultation on maturing Child Trust Funds
TISA, the investing and saving membership organisation has responded positively to the announcement in today’s Spring Statement that there is to be a consultation to ensure that CTF accounts retain their tax-free status after maturity.
Carol Knight, Chief Operations Officer at TISA said:
“TISA is pleased that Government has responded to our representations on enhancing the options for holders of maturing Child Trust Funds. At this point the young person is fully responsible for their CTF and we believe it is important that the funds remain protected at maturity until a decision, hopefully to continue investing into an adult ISA, is made. This is a significant time for young people and represents a unique opportunity to reinforce the savings habit and so help them to enjoy a more financially aware future.
“There are a number of operational hurdles for Government and providers to overcome and we look forward to reviewing the consultation with our members to enable us to provide a workable response.”
Note for editors: Child Trust Funds will start to mature in September 2020 when the first holders reach the age of 18.
Issued on behalf of TISA by Atlas Partners, for further information please contact:Clara Rees Jones: telephone: 020 7183 7154 or 07523609413, email: firstname.lastname@example.org Email: email@example.com
TISA is a unique, rapidly growing, consumer focused membership organisation. Our ambition is to improve the financial wellbeing of all UK consumers. We work with our members to deliver practical solutions and devise innovative, evidence-based strategic proposals for government, policy makers and regulators that address major consumer issues.TISA membership is representative of all sectors of the financial services industry. We have over 200-member firms involved in the supply and distribution of savings, investment products and associated services, including the UK’s major investment managers, retail banks, online platforms, insurance companies, pension providers, distributors, building societies, wealth managers, third party administrators, Fintech businesses, financial consultants, financial advisers, industry infrastructure providers and stockbrokers.
Complementing our consumer policy development, TISA has become a major industry delivery organisation for consumer focused, digital industry infrastructure initiatives (TeX/STAR, Digital ID, MiFID II and Open Savings & Investment). This reflects TISA’s commitment to open standards and independent governance.
TISA’s current strategic policy and industry solution developments include making financial guidance more widely available; digitalisation including the development of a Digital ID, developing open standards-based projects that support the growth of Fintech and increase consumer access to financial services while lowering costs for providers; financial education for young people; retirement savings; consumer engagement; the TISA and KPMG Savings Index.
TISA also provides its members with support on a range of operational and technical issues targeted at improving infrastructure and processes, standards of good practice and the interpretation and implementation of new rules and regulations. This work currently includes: MiFID II, CASS, SM&CR and addressing cybercrime.