Government to consult on CTF/JISA transfers - ISAs - News - Moneyfacts


Government to consult on CTF/JISA transfers

Government to consult on CTF/JISA transfers

Category: ISAs

Updated: 15/05/2013
First Published: 14/05/2013

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The Treasury has confirmed it will be holding a consultation on whether to allow parents to transfer savings from a Child Trust Fund (CTF) into a Junior ISA.

As part of its policy to make it easier for people to access and use financial services, the Government said it will look into whether transfers should be allowed and what the process should be if the changes take place.

Liaising with financial advisers, CTF and Junior ISA providers and representative groups for savers and children, the Government aims to gather views and opinions to ascertain whether the proposal should go ahead.

The consultation is expected to run until 6 August this year and will be followed by a 'summary of responses' publication.

In its report, the Government stated: "The Government wants to support parents by ensuring that there continues to be a clear, simple and attractive way to save for children.

"It is therefore now consulting on whether it should be possible to transfer funds from CTFs into Junior ISAs, and if so, on what basis such transfers should be available."

CTFs, phased out by the Government in 2011, provided parents with a starting voucher of £250 to invest in their child's futures and were available to children born between 1 September 2002 and 2 January 2011.

What next?

Search all children's savings accounts
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Guide to children's savings accounts

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