The specialist provider will manage stakeholder CTFs and Protected ISAs previously held on The Share Centre platform
Interactive investor, the UK’s second-largest direct-to-consumer investment platform and number one flat-fee provider, is to transfer the administration and management of stakeholder Child Trust Funds (CTFs) and Protected ISAs previously held on The Share Centre platform to OneFamily for an undisclosed sum.
The move follows interactive investor’s acquisition of The Share Centre in July 2020.
interactive investor does not offer CTFs and after a careful review, decided that OneFamily, one of the UK’s biggest CTF providers with 1.6 million accounts, was the most appropriate home for these stakeholder CTF customers. This also applies to Protected ISAs, which mature from CTFs on an account holder’s 18th birthday.
From 8 May 2021, OneFamily’s Terms and Conditions will apply and customers’ investment will be in the L&G (N) Tracker Trust, which closely follows the same index as the ASI UK All Share Tracker in which they are currently invested via The Share Centre. The total ongoing charge of 1.5% will not change.
The transfer will enable ii to focus on further enhancing its core offerings of trading accounts, SIPPs and ISAs, original content and impartial investment ideas, delivered through a best-in-class technology platform. Junior ISAs are also offered free to existing ii customers, but not as a standalone product.
Richard Wilson, CEO of interactive investor commented: “We believe these stakeholder accounts are best served by a specialist provider and we have taken care to find a good home for them.
“The transfer will allow us to focus on enhancing our core offerings, building on the best-in-class customer experience, unrivalled value and wealth of impartial information for which we are known.”
Customers who would prefer to transfer to another Child Trust Fund manager, Junior ISA provider or Protected ISA provider instead can do so and should arrange this through their chosen manager or provider. The Share Centre will need to have received your instructions from them by 23 April 2021.
Paul Bridgwater, OneFamily’s head of investments said, “We’re pleased to welcome our new Child Trust Fund savers from interactive investor. We’re here to support them for the long term as they plan for their futures.
“Taking saving money seriously is more important than ever for this generation and we’ll be with them every step of the way as they move towards adulthood and financial independence.”
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