Family Investments has been named this year’s Best Child Trust Fund Provider in the 2010 Investment Life & Pensions Moneyfacts awards.

Family Investments is the UK’s largest provider of Child Trust Funds, the vouchers for which will no longer be issued after this year following a change in policy by the Government.

The Family Investments Child Trust Fund won the award based on criteria analysed by Moneyfacts’ research team, and votes from its IFA readership, and it has been awarded in recognition of its “leadership in the CTF field and commitment to the product”, Family Investments said in a statement, despite the coalition Government’s decision to scrap them.

Family Investments will continue to manage its existing 1.2 million Child Trust Fund accounts until each child reaches 18, and will be actively seeking new business until the final voucher expires.

While no more vouchers will be issued after 2010, Family Investments estimates that there will be around 600,000 vouchers in circulation until the end of 2011 until all parents have invested the remaining vouchers they have received for their child, or if they fail to do so and the Government invests it on their behalf.

It will also continue to “offer parents a long-term home for their child savings,” it said, and is working with the Government, charities and the financial services industry to develop the children’s savings sector and fill the gap that will be left by the CTF.

Child Trust Funds have helped to “embed a savings culture,” says Family Investments, which has pledged to propose alternative products that will help parents to meet the financial challenges their children will face in the future.

Commenting on being named the nation’s best Child Trust Fund provider, John Reeve, chief executive of Family Investments, said: “This award reflects Family Investments’ commitment to the Child Trust Fund, and children’s savings generally. We will continue to offer savings solutions to parents even if their child does not qualify for the CTF. However we will also be working hard to persuade the Government to ensure the whole of the next generation is given encouragement to accumulate savings, not just a privileged minority.”

© Fair Investment Company Ltd