Clause 7 - Transfers
Child Trust Funds Bill
11:15 am
Mr George Osborne (Tatton, Conservative)
I shall have to take what the Minister says on trust, and hope that sufficient other safeguards will be in place to protect consumers in such circumstances. I do not suggest that a single child
trust fund could hold up a great financial merger. I merely suggest that before accounts were transferred, their owners' consent would have to be sought. If consent is not given, account holders should be given the option of transferring to another provider. I assume and hope that a responsible financial provider would keep its CTF account holders fully appraised of what it was doing. I beg to ask leave to withdraw the amendment.
Amendment, by leave, withdrawn.
Clause 7 ordered to stand part of the Bill.
Further consideration adjourned.—[Jim Fitzpatrick.]
Adjourned accordingly at twenty minutes past Eleven o'clock till this day at half-past Two o'clock.