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Providers face fines over baby bonds

Providers could be fined for mismanaging child trust funds.

A draft of the Child Trust Fund Bill, included in the Queen&#39s Speech, says a provider which “fraudulently or negligently makes an incorrect statement or declaration in connection with a claim” under sections relating to Inland Revenue contributions and income and capital gains tax could face a £3,000 fine per account.

A provider that misses contribution deadlines imposed by the regulation could be fined £300 plus a penalty of £60 a day until the situation is resolved.

The Building Societies Association says this could be a deterrent to smaller providers which have already expressed doubts that the fund is workable within a 1 per cent price cap.

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Pension Wise — now taking calls…

Those with decent-length memories will recall that in the 2014 Budget statement George Osborne announced the new (and entirely unexpected) pension freedoms. The new rules come fully into force in less than two weeks.

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