Children’s Mutual suspends new business

| July 23, 2010 | 1 Comment
Children's Mutual suspends new business

The Children’s Mutual has suspended all new business to its most basic Child Trust Fund (CTF) accounts following the government’s decision to scrap the CTF scheme.

CTFs were one of the first things to face the coalition’s axe as they seek to make massive cutbacks to tackle Britain’s national debt.

David White, chief executive of the Children’s Mutual, said the company has closed for business to rethink its future strategy.

“The way the government is dismantling CTFs suggested to us that we should reappraise what the right strategy is, one of the results was that we decided to suspend new business.”

The Children’s Mutual was formed in 1993 as a re-brand of the Tunbridge Wells Equitable Friendly Society.

At the end of last year, the firm — whose business plan is based solely on CTFs — had £536 million under management.

In 2009, new CTF plans sold by the group increased 30% on year to 184,000.

Tags: , , , , ,

Comments (1)

Trackback URL | Comments RSS Feed

  1. Disgusted says:

    ….and has just laid off half their remaining workforce as well thanks to the continued incompetence of the board who will no doubt still walk away with heavy pockets.

    R.I.P The Tunbridge Wells Equitable Friendly Society !!!

Leave a Reply

Visited 3489 times, 2 so far today