Child Trust Funds: People with a Learning Disability

Lord Bishop of St Albans Excerpts

Tuesday 22nd June 2021 Lords Chamber

[Lord Wolfson of Tredegar (Con)]

My Lords, as I have said, we intend to launch the consultation as soon as possible after the Recess. This is a complex issue: as I have said before in this House, it is not limited to child trust funds. It goes beyond those funds and includes, for example, junior ISAs. We need to ensure that all factors, such as scope, simplicity and security of a small payments process are considered and accounted for. We are engaging with stakeholders across the financial services industry to make sure that the consultation is as smooth and effective as possible.

[The Lord Bishop of St Albans [V]]

My Lords, may I press the Minister a little further? What plans do the Government have to work with the providers of child trust funds to develop a proactive strategy to advertise the need for parents of children with learning disabilities to apply to the Court of Protection in advance of the young adult’s child trust fund maturing? This is a really urgent matter, and we need the Government to be on the front foot.

[Lord Wolfson of Tredegar (Con)]

My Lords, the right reverend Prelate is absolutely right: the focus should be on people applying before the young adult turns 18, at which point the legal position changes. We are engaging with industry providers to make sure that parents are aware of that change. We have put material on the GOV.UK pages, HMRC has also published material and my ministerial colleague Minister Chalk will host a round table on 15 July, bringing together relevant stakeholders to enable us to progress this work further.