- Family Investments named Best Junior ISA Provider at the 2014 Moneyfacts Awards
- New HMRC statistics reveal Family Investments sold more than half of all stocks and shares Junior ISAs in the 2013/14 tax year
- CEO, Simon Markey, points to the growing market appetite for specialist product providers
Family Investments was recognised as Best Junior ISA Provider at the prestigious Investment, Life and Pensions Moneyfacts Awards in London. It is the second time Family Investments has scooped the award since the Junior ISA (JISA) was first introduced into the UK in November 2011.
The win coincides with new HMRC figures that reveal Family’s growing share of the children’s savings market. The company sold more than half of the stocks and shares JISAs in the 2013/14 tax year (53%), representing a 32% year-on-year increase in the overall market of stocks and shares accounts subscribed to.
The latest Moneyfacts award adds to a strong track-record of success in children’s savings, with Family also named as Best Child Trust Fund Provider by Moneyfacts in 2010 and 2011.
"We’re a modern mutual that offers 35 years’ experience in family saving with an innovative, uncompromising outlook."
Family CEO, Simon Markey, spoke of how the win reinforced the company’s growing strength as a specialist product provider:
“Increasingly, we’re seeing our customers come to us because they value the level of expertise we can offer. We’re a modern mutual that offers 35 years’ experience in family saving with an innovative, uncompromising outlook – that’s a winning combination they can’t get elsewhere.”
Earlier this month, Family Investments announced its proposal to merge with Engage Mutual to create one of the largest mutuals in the UK, a move that would enable it to offer more specialist solutions for families at different life stages; from parenthood through to retirement. The combined business would have over two million members, hold approximately £6 billion of assets under management and have in excess of £130m of capital reserves.
Family CEO, Simon Markey, who would assume the role of CEO of the combined business, spoke of how the proposed merger aims to meet the changing needs of UK families:
“Family Investments already looks after the savings of almost two million families and in 2013 we saw strong financial results with a profit increase of 30%. The proposed merger would combine the expertise and product strengths of both organisations and increase the scale at which we can meet families’ changing needs at key life stages. Our market leading position in products for family and children’s saving, such as our award-winning Junior ISA, would be augmented by Engage’s product expertise for older adults.”
The proposed merger remains subject to regulatory approval, legal conditions and support from the members of both companies. Details and voting packs on the proposed merger will be sent to members from both Family Investments and Engage Mutual later this year with the result announced on both organisations’ websites.
It is expected, subject to member and regulatory approval that the merger will conclude in the first half of 2015.
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Notes to editors
About Family Investments
Family Investments is dedicated to being the trusted provider of financial solutions for the family and looks after more than £4.9billion* of family money for around 2million people in the UK.
Family Investments is a mutual with almost 40 years’ experience providing investments for families. Owned by their members meaning they are directly answerable to them. They are the leading provider of Child Trust Funds with over 1.2m CTF accounts, are an award winning provider of Junior ISAs, and are broadening their business to provide solutions for each key stage of family life – be it buying a house, funding university, putting offspring onto the property ladder, planning for retirement or paying for health care costs.
Family Investments is the trading name of Family Assurance Friendly Society Limited and is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
*As per the audited accounts at 31 December 2013. Current unaudited balance of funds under management stand at £5.2bn as at 31 August 2014.
About the HMRC statistics
- Stats are based on annual returns by all providers to HMRC
- The JISA stats are part of the Adult ISA stats report
- Providers report on the number of accounts subscribed to in each tax year
- Provider stats are then aggregated and reported at market level split by cash and stocks and shares accounts