Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what her policy is on introducing automatic release of funds from unclaimed adult-owned Child Trust Funds.

The Government is aware of proposals for the automatic release of funds in unclaimed matured Child Trust Fund (CTF) accounts. These savings belong to the account holders and are held by private sector providers. The Government does not have the authority to access or transfer these funds.

The Government is committed to reuniting young people with their CTFs. HMRC works with providers, industry representatives and others to raise awareness and help individuals trace their accounts, including through targeted communications and a free GOV.UK tracing service.

The Government has also recently established a dedicated Taskforce to address unclaimed matured CTF accounts and improve outcomes for account holders. This brings together Government and industry to strengthen tracing activity, increase engagement, and support access to funds.