Parents who missed out on the launch of Junior Isas because they already had a Child Trust Fund should at last be able to transfer from a CTF to a Jisa.
The Treasury is launching a 12-week consultation, likely to win overwhelming support, to scrap the barrier between the discontinued CTF and the new Jisa.
Danny Cox at brokers Hargreaves Lansdown said: "Common sense has broken out at last. Child Trust Funds have been in terminal decline since 2011, seeing millions trapped in expensive products or suffering lower interest rates than their Junior Isa counterparts."
Brian Davidson at Alliance Trust Savings said: "Since November 2011, we have had to turn away many disappointed parents and guardians who have not realised their child has been ineligible for a Junior Isa."
However, Martin Shaw at the Association of Financial Mutuals, insisted: "The CTF remains a relevant low-cost savings vehicle and the mutual sector is committed to maintaining the product."
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