The Share Centre has been selected as one of the providers of Junior ISAs for looked after children and young people.
The Department for Education’s initiative expects to see 55,000 looked after children and young people receiving Junior ISAs in the first year of operation. The accounts, which will be opened with a £200 Government contribution, will be part of the UK scheme operated by The Share Foundation to benefit all children and young people in care continuously for over a year, and who do not have a Child Trust Fund.
The number to be opened by The Share Centre will depend on the overall number of Junior ISA providers selected by Kleinwort Benson, the independent account allocation adviser.
Welcoming The Share Centre’s provision of Junior ISA facilities to The Share Foundation, Richard Stone, Chief Operating Officer, said: “The Share Centre has offered Junior ISAs since their launch in November 2011 and they underpin a wide range of investment services for young people.”
“Working with The Share Foundation we support the initiative to establish Junior ISAs for looked after children. Initially the accounts for the 9 to 14 year age group will be invested in to the SF Cautious Fund of Funds. We wish The Share Foundation every success in raising additional funds to help build these accounts and will look to contribute an annual donation ourselves.”
“The Share Centre is driven by a passion for helping personal investors to achieve their financial ambitions and potential, and we recognise the importance of The Share Foundation’s role of helping to build an inheritance for young people in care.”