I set up some regular savings policies when they were born. There’s the Child Trust Fund (CTF) for one and an equivalent amount in a unit trust for the other (because they weren’t eligible for the CTF), and Granny’s regular birthday payments that have been going into National Savings.
My objective was one pot of cash for each child, perhaps for their first car or help towards university fees.
It has so far taken more than 12 hours. The problems and inconsistencies of the various product providers have at times entered the realms of the absurd.
You can’t move the CTF. Savings plans can’t be transferred and I have to pay into my account. No, they don’t offer a junior Isa. So I pick a new company but they can’t take BACS transfers and only receive cheques. And so on.
Which got me to wondering. Is that actually the plan? For providers to make any change so difficult that people simply won’t bother.
So here’s an idea, policymakers. If you want to encourage saving, to get the general public to engage with their financial future, enforce the Treat Customers Fairly principles with providers.
Chris Budd is managing director at Ovation
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