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Thousands Could Unlock £2,600 Savings After Major Government Rule Change
John Milne says 80,000 families are affected as he presses Parliament to let disabled young people access locked savings.
- The Government plans to simplify access to Child Trust Funds for young adults lacking mental capacity, enabling parents and carers to contact providers directly instead of pursuing costly court processes.
- Andrew Turner, a parent carer, led a six-year campaign to unlock these savings after families discovered the Court of Protection's complex requirements prevented disabled young adults from accessing their own funds.
- Economic Secretary to the Treasury Lucy Rigby will introduce an amendment to the Financial Services Bill next week, with reforms expected to help between 63,000 and 126,000 young adults access funds averaging £2,600 each.
- Rigby and Justice Minister Jake Richards admitted the Government had been "slow to find a solution," announcing a new scheme allowing carers to apply directly to providers to manage accounts on behalf of young people.
- Contact chief executive Anna Bird welcomed the move, saying families faced "a complicated and costly process" to access rightfully owned money. The Court of Protection remains available as a safeguard for vulnerable young people.
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Government to end Child Trust Fund barriers for disabled young people
Young disabled people who lack the mental capacity to manage their finances will be given an easier way to access their Child Trust Fund savings under new government plans. The reforms are intended to end a long-standing problem that has left thousands of families facing a complex and costly application…
Coverage Details
Total News Sources35
Leaning Left2Leaning Right0Center26Last UpdatedBias Distribution93% Center
Bias Distribution
- 93% of the sources are Center
93% Center
C 93%
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