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 […]
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The curious goings-on in the world of financial services
Experts have played down any immediate moves from the FCA towards those firms that are not prepared for Mifid II regulation that comes into force on 3 January 2018. However, concerns remain that a “material number” of small asset managers have not yet started preparing for the major European regulation. The FCA expects firms to […]
OMGI chief executive and star fund manager Richard Buxton is set to lead a management buyout of the single-strategy funds division of Old Mutual Wealth with the backing of TA Associates. The £550m deal is set to be announced before Christmas, Sky News reports. The buyout is part of Old Mutual’s managed separation, which is […]