Government plans simpler access to child trust funds for young people lacking mental capacity

Proposed legislation would let parents and carers approach child trust fund providers directly on behalf of young people who lack the mental capacity to make financial decisions. The Government says it will develop the process and safeguards, while the Court of Protection would remain an alternative route.

• The proposed change concerns child trust funds and young people who lack the mental capacity to make financial decisions.· 2 sources
• The Government says the reforms are expected to address access problems for an estimated 63,000 to 126,000 young adults.· 1 source
• The Government plans to bring forward a Financial Services Bill amendment; details of access, evidence and safeguards are still to be worked out.· 1 source