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Scottish Friendly has welcomed the Government’s proposals for the new Junior ISA.
Neil Lovatt, sales and marketing director of Scottish Friendly commented:
“We very much welcome the new Junior ISA. Scottish Friendly research shows there is a strong understanding of the term ISA. It’s more user-friendly and a concept most people are familiar with when talking about children’s savings.
“While the Child Trust Fund was very successful the new name is an improvement because it associates the product directly with a well known and understood tax wrapper.
“It’s disappointing the Government didn’t have the foresight to reduce the cost to the industry by simply changing the name of the Child Trust Fund to a Junior ISA and abolishing the voucher. This would have been a much simpler and cheaper method of reaching the same result.
“Parents’ saving for the future has never been more important. Higher education fees and expenses, flat deposits and gap years are now an every day occurrence for young adults and a Junior ISA is the perfect way to provide a comfortable pot to help cushion the blow.”
Scottish Friendly is not responsible for the accuracy of the information displayed on externally linked third party websites. The Scottish Friendly Group of Companies consists of the following companies: Scottish Friendly Assurance Society Limited – Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of AFM, Member of ABI: Life, Savings and Investments. Scottish Friendly Asset Managers Limited – Authorised and regulated by the Financial Conduct Authority. Member of The Investment Association. Registered in Scotland No 187215: OEIC Managers, ISA Managers. Scottish Friendly Insurance Services Limited – Authorised and regulated by the Financial Conduct Authority. Registered in Scotland No 113007. SFIS (Nominees) Limited - Registered in Scotland No 397351. Head office: Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ.