Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps he is taking with Cabinet colleagues to help (a) young people with disabilities and (b) other children to access (a) Child Trust Funds and (b) Junior ISAs.

The government is committed to helping people access the savings and money they are entitled to, including the money held in Child Trust Funds (CTF) and Junior ISAs (JISA).

While primary responsibility for communicating with account holders and their registered contact lies with CTF providers, HMRC works closely with providers, the wider industry and the Money and Pensions Service to ensure that young people are aware of, and can access, their CTFs, particularly those opened by HMRC on their behalf.

The government’s current plans will reunite the vast majority of CTF accounts with their owners, but there may be some cases where further action will be required. The government will monitor how many accounts remain open and judge when it is appropriate to intervene in other ways.

Only parents or a guardian with parental responsibility can open a JISA for an under 16-year old. Young adults are likely to be aware of JISAs opened for them.

If the child lacks the mental capacity to manage their account when they turn 18 then the parent, or a close friend or relative, needs to apply to the Court of Protection (or equivalents in Scotland and Northern Ireland) for a financial deputyship order. This allows them to manage the young person’s adult ISA or matured CTF account or take out money on their behalf once they turn 18. Responsibility for the process and legislation relating to mental capacity rests with the Ministry of Justice and devolved administrations.