Child Trust Fund: Walsall South

(asked on 10th January 2024) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, pursuant to the Answer of 4 December 2023 to Question 4137 on Child Trust Fund: Walsall South, what assessment he has made of the reasons for which Child Trust Funds have not been claimed.


Answered by
Bim Afolami Portrait
Bim Afolami
Economic Secretary (HM Treasury)
This question was answered on 15th January 2024

There could be several reasons why matured Child Trust Fund (CTF) accounts have not been accessed by those who are entitled to the funds. The National Audit Office in its report titled Investigation into Child Trust Funds published in March 2023 (www.nao.org.uk/reports/investigation-into-child-trust-funds/) considers some of these.

Primary responsibility for communicating with account holders and their registered contact (usually a parent) lies with the CTF account providers. The government is committed to helping people identify and access the savings they are entitled to and continues to explore new routes to reunite young people with their matured CTFs.

HMRC actively engages with the industry, other government departments, organisations such as the Money and Pensions Service, and youth focused charities to raise awareness of CTFs amongst young people. HMRC also issues a range of communications and provides resources for key intermediaries such as the University and Colleges Admissions Service, who have greater influence and visibility amongst the CTF audience.

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