Seven out of 10 parents are opting for a cash-based child trust fund account, says the Building Societies Association.Of the 50,000 CTF accounts that were opened during June, 31,000 were cash as opposed to the stakeholder option. Of the 270,000 CTF accounts that have been opened to date, over 70 per cent of these are inves-ted in cash. The total amount placed in CTFs so far totals 51m. Early figures suggest that the majority of this total comes from the 250 vouchers provided by the Government. Up until this month, there were eight providers of both cash and stakeholder CTFs but Leeds & Holbeck Building Society and Monmouthshire Building Society have brought the total number of providers up to 10, nine of which are societies. The BSA is predicting the majority of parents will continue to choose cash CTFs for their children in the future. Head of savings policy Brian Morris says: “Anecdotal evidence suggests that many parents have still not decided where to put their child’s voucher. We believe that parents should have the choice between cash and equity inv-estments and building soci-eties are helping to give them that choice.”
The financial services’ rock hall of fame rolls out further with the news that Scottish Widows’ Robert Wyllie and his band were on the same record label as navel-gazing nihilists Joy Division. Diary hears Rob was drummer in “influential” new wave outfit The Thursdays, garnering a supporting spot on a tour with Level 42, playing […]
Sirius has announced the integration of its Swift product with Assureweb aimed at saving advisers time and reducing errors in the production of quotes and submitting new business. The insurance technology provider says the partnership will be phased in this year and demonstrates its commitment to supporting the industry goal of straight through processing.It says […]
Investment firm Shep- herds (Financial) Limited, which ran an offshore viatical fund which invested 26m in collapsed American life office MBC, is holding a creditors meeting on August 9 to consider the appointment of a liquidator.
Sipp investors will pump 8.5bn into the residential property market from next April, boosting demand in the housing market by almost 5 per cent. Research by Hargreaves Lansdown indicates that a further 1.5bn will be used to buy overseas property.
Written by Mike Riddell29 June 2016 Headlines over the past few days have screamed about record falls in sterling, record low bond yields and massive falls in equity prices. However, if you take a slightly longer view of markets rather than simply the one- or two-day reaction, I think it’s amazing how little markets have […]
- Top trends
- Top trends
- Pension tax relief in firing line as Hammond mulls ‘intergenerational fairness’ Budget
- Scottish Widows mulls Standard Life corporate pensions book takeover
- Martin Lewis wins claim against PPI chaser that used his image
- The future of Cofunds: What next for a platform titan?
- How much are advisers charging for pension transfers?
News and expert analysis straight to your inboxSign up
Latest from Money Marketing
Two company directors have been disqualified for a combined 20 years after running a fine wine investment scam that lost investors nearly £1m. An Insolvency Service investigation found that Crimson Fine Wines cold-called customers and then did not purchase or allocate wines to those who had paid for their investments. The investment scheme offered investors […]
AJ Bell has won a case against a client who wanted his platform fees for the past 14 years reduced. A client, referred to as Mr N, complained to the Pensions Ombudsman that, because he did not have enough information about what fees would be payable, he sold a property holding in his Sipp far […]
National advice firm Foster Denovo has acquired employee benefits consultancy TEBC. The deal brings over 100 corporate client relationships, and Foster Denovo will look to build TEBC’s staff into its own employee benefits division, Secondsight. Foster Denovo says the deal is the first in an acquisition strategy it will be pursuing. Chief executive Roger Brosch […]