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News, just in from the HMRC on the CTF transfer consultation. The government has come up with a grubby little compromise only allowing transfers from CTFs to JISAs, but also made provisions for intervention at a later date.

My reading of this is: it’s just too complicated to do the right thing so we’ll intervene now to get some cheap headlines but intervene later on to clear up the mess we’ve created. Two interventions in the market at significant cost to the industry and the regulators and confusion in the market for some time to come. Whatever happened to bold and brave leadership?

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