Government dashes hopes of CTF to Junior ISA transfers

Junior ISAs were introduced in November as the latest attempt to encourage saving for children, following on from the abolition of CTFs at the beginning of 2011. However, many CTF holders were left in limbo as they were unable to transfer into or set up a Junior ISA, which offers more flexibility and choice of investments, although they can continue to top up existing accounts. Answering a question from Stephen Mosley MP, financial secretary Mark Hoban explained why the government is sticking to its previous position. "Allowing CTF accounts to be transferred to a Junior ISAs would ...