Government plans simpler Child Trust Fund access for young adults lacking mental capacity
Proposed legislation would allow parents and carers to access Child Trust Funds through providers using a simpler process. The plans aim to help young adults who lack capacity to make financial decisions.
Issued by Ministry of Justice and HM Treasury, United Kingdom ·
The Ministry of Justice and HM Treasury have announced plans to simplify access to Child Trust Funds for young adults who lack mental capacity to manage their savings.
The proposed process would allow parents and carers to approach providers directly instead of relying on the existing Court of Protection route. The government estimates that 63,000 to 126,000 young adults could benefit.
Campaigners, disability charities and financial providers will help shape eligibility, evidence requirements and safeguards. The Court of Protection will remain available as an alternative.
The government intends to bring forward an amendment to the Financial Services and Markets Bill, with details in secondary legislation after parliamentary approval. The release announces a proposed reform, not an access scheme already in force.
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