Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, whether he has made an assessment of the potential merits of transferring funds from the Financial Services fines pool to bring the value of Junior ISAs up to the value of Child Trust Funds.
A Child Trust Fund account was opened for each child born between 1 September 2002 and 2 January 2011, with a Government contribution deposited into the account. The total government contribution to each account differed dependent on a variety of factors, such as family income, disability and age. Junior ISAs are voluntary, tax-free savings accounts and therefore not all children hold a Junior ISA. For these reasons, it is not appropriate to compare the balances of these two types of account.
All FCA fine income, after enforcement costs, is passed to HM Treasury and forms part of the governments total revenues to be used for the benefit of the tax paying public.