No advice available from bank

ikkie

pinkdalek wrote: »

Please tell me where it says on any official source that CTF are a dead end product to show it is a fact.
If something is no longer available it does not make it a dead end product.
You are entitled to an opinion, does not mean everyone has to agree or like it or it even has to be correct.

I do fully understand JISA and CTF thank you very much.

Again you miss the point, you say CTF are dead end products, it is your opinion, not a fact, you are advising people they should no longer be in them and JISA is a better option.

I've never said for once that CTF is a better option over a JISA, I was raising awareness that you cannot get advice from a bank, yet somehow it is ok for Mr Lewis to advise on products he is not allowed to sell.

i dont think so...tbh

pinkdalek

jimjames wrote: »

If you're now saying that a CTF is not better than a JISA then I can't understand what you are disputing about people moving CTF to JISA?

.

If you care to read back to the original point it is around giving advice. You won't get advice from your bank, pretty standard.
I am not disputing about people moving CTF to JISA could not give a flying toss to be honest.
Something that is no longer available does not make it dead end.
I am not disputing over which is better, you go to your bank they will not tell you to move money from CTF to JISA - why? Because they are not allowed to.
So why the hell can Martin Lewis advise on it then.

And to finish with, if CTF are crap, dead end, why does the Government just not transfer all of them to JISAs.

colsten

pinkdalek wrote: »

And to finish with, if CTF are crap, dead end, why does the Government just not transfer all of them to JISAs.

It is quite ridiculous to suggest that CTFs could automatically be transferred to JISAs, without the account holder/the legal guardian of the account holder making one or more decisions about the kind of JISA and its contents, as well as choosing the provider they prefer. It is also, thankfully, not the job of "the Government" to move people's money from one account to another.

PeacefulWaters

pinkdalek wrote: »

Something that is no longer available does not make it dead end.

On its own, no. But we are talking financial services here. Savings accounts left to linger invariably pay the worst possible rates.

Zombie investment funds invariably underperform actively managed funds and trackers because the industry leaves them to rot and the customer doesn't know any getter.

Both scenarios apply to CTFs. More so given the low balances involved.

And to finish with, if CTF are crap, dead end, why does the Government just not transfer all of them to JISAs.

Because they have no legal authority to do so and passing such legislation would be considered lower priority than other things they want to do. And in a small minority of cases the broad brush approach could disadvantage some.