Allow transfer of Child Trust Fund (CTF) to Junior ISA

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Petition Action

Allow transfer of Child Trust Fund (CTF) to Junior ISA

Additional Information

6.3 million children's cash is locked up in child trust funds (CTF), which were scrapped in 2011. CTF were obviously a flawed idea as they lasted less than 10 years.
The government has since set-up Junior ISAs which, due to the competition, are better paying. Compared to a handful of funds for CTF there are approximately 1,800 funds from 80 fund management companies for Junior ISAs.
Junior ISAs typically pay a higher rate of interest and have lower charges.
Furthermore, at age 18 the tax breaks on CTF are lost because all the money has to be cashed in, a Junior ISA allows the money to be moved to an Adult ISA.

I would like the government to allow parents with CTF to move their childrens important life investment into the better Junior ISAs.

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