Family Investments hits the 1 million mark for Child Trust Funds
PRESS RELEASE 30th July 2009
Deal with Abbey confirms Family Investments’ position as UK’s largest Child Trust Fund provider
Family Investments, the trusted supplier of financial solutions for the family, announced that it is the first Child Trust Fund (CTF) provider to hit the 1 million mark. A new deal with Abbey will see Family Investments take over the administration of the bank’s CTF back book which includes almost 400,000 CTF accounts.
Family Investments has been providing Abbey’s new CTFs since January 2009 and this deal means it will also administer all Abbey’s existing CTFs. Earlier this year, Family Investments finalised a similar deal with LV= following the insurers’ decision to withdraw from the CTF market. The deals consolidate Family’s position as the UK’s largest CTF provider.
Abbey is currently informing its CTF customers about the change and the accounts are due to be transferred to Family Investments by November 2009. After the transfer, the stakeholder CTF will continue to be invested in the Santander Balanced International Tracking Fund and the cash CTF will be managed by Abbey on behalf of Family.
Family Investments has more than 30 years experience helping families save for their future and currently looks after around £1.6bn of family money for over one million people in the UK. It already provides the CTFs of high street names such as Barclays Bank, the Post Office and Sainsbury’s Bank.
John Reeve, Chief Executive of Family Investments, said: “This deal with Abbey Investments confirms our position as the UK’s leading CTF provider.
“It is four years since CTFs were first introduced and this consolidation of the market is part of its overall evolution. This is a positive development as CTFs are becoming concentrated within specialist providers dedicated to managing them for the long term. For example, Family Investments is committed to actively promoting CTFs and developing innovative new services for our customers.
“We are also a mutual society owned by our customers and therefore run solely for their benefit. Parents see this as an important characteristic when choosing where to open CTF accounts for their children and it is one of the reasons why 9 out of 10 CTF customers we asked said that they would recommend us to a friend.”
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About Family Investments
- Family Investments is the trusted supplier of financial solutions for the family
- Family Investments currently looks after around £1.6 billion of family money for over 1m people in the UK
- Family Investments is a mutual with over 30 years experience providing investments for families. We are owned by our customers which means that we are directly answerable to them
- Family Investments is the UK’s favourite Child Trust Fund provider with more than 660,000 Child Trust Fund accounts
- Our expertise is widely trusted and recognised, which is why we’ve been chosen to provide the Child Trust Funds of these high street names; Abbey, Barclays Bank, Post Office, Sainsbury’s Bank, Yorkshire Bank, Bradford and Bingley, Clydesdale Bank, Coventry Building Society, Early Learning Centre, Northern Bank and Skipton Building Society and additionally provide Post Office ISAs
- Family Investments is the trading name of Family Assurance Friendly Society and is authorised and regulated by the Financial Services Authority
- To help parents prepare financially for the arrival of a new baby Family Investments has launched a new website www.MoneyForMums.co.uk
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