Clause 6 - Opening by Inland Revenue
Child Trust Funds Bill
10:15 am
Mr Joe Benton (Bootle, Labour)
With this it will be convenient to discuss the following: Amendment No. 149, in
clause 6, page 4, line 20, at end add—
'(6) Accounts and account providers selected by the Inland Revenue under subsection (1) shall meet lower risk criteria set out from time to time by the Financial Services Authority, designed to reduce the risks of significant capital losses from child trust fund accounts which have been opened or selected by the Inland Revenue.'.
Amendment No. 150, in
clause 7, page 4, line 27, at end add—
'(c) a child trust fund opened by the Inland Revenue may be transferred from one account provider to another, or moved from a stakeholder child trust fund account to one of the other account descriptions as prescribed by regulations.'.
New clause 10—Investment information and advice from Inland Revenue—
'(1) The Inland Revenue shall provide summary information on investment options and risks to all those responsible for managing child trust fund accounts.
(2) But the Inland Revenue shall not itself offer any advice on which account types or providers should be selected.
(3) If the Inland Revenue can be shown to have offered advice which has resulted in investment losses then it shall be legally liable for such losses.'.