New Children's Mutual savings business 'temporarily suspended'

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New Children's Mutual savings business 'temporarily suspended'

Children's Mutual new savings business has been halted while the organisation assesses the market to find the best course of future action.

The Children's Mutual explained that the industry had been 'taken by surprise' through the way the government had axed Child Trust Funds (CTF) and brought in £50 accounts.

It said that it could not treat new customers fairly under the current circumstances and was suspending Children's Mutual new savings business temporarily.

The body called this a "responsible decision", noting that there would be "inevitable losses" and that the market would become smaller as a result of the changes.

Stakeholder CTF accounts are excepted.

The Children's Mutual recently published research which showed that fathers were the biggest heroes for children aged five to seven.

Cartoon character Ben 10 came second, with mothers getting the third spot.

In 2009, mothers were the second biggest heroes and Ben 10 was third. This year, Hannah Montana is fourth and teachers are fifth.

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