I opened a junior investment account for my youngest child in 2011. I'll be honest, I didn't pay too much attention to it but I have just noticed that the account was in my name with my son named as the beneficial owner.
Will there be any potential problems in the future with this arrangement? I contacted the company holding the account and queried this and they gave me the option of changing the account to a jisa.
I would like to keep control of the account to make sure its spent on something meaningful rather than being frittered away on electronics and games.
Is there any real downside to having the jia in my name rather than my sons?