CHILD TRUST FUND SCHEME

Motion Text

That this House, in welcoming the Government's proposals for a Child Trust Fund, notes that HM Treasury is considering whether Child Trust Fund schemes should be provided by open market competition or by a very limited number of licensed providers; expresses its concern that to restrict the provision to licensed providers would tend to favour large financial institutions at the expense of smaller financial institutions, including many building societies; notes that building societies have a particularly good record in providing mini cash ISAs and in catering for the children's savings market; and accordingly urges the Government to adopt the open market competition model for the operation of the Child Trust Fund scheme.