UK Government Reforms Child Trust Fund Access for Disabled Youth

The British Government announced plans to reform access to Child Trust Funds for young adults who lack the mental capacity to manage their own finances. The reforms target disabled young adults born between September 1, 2002, and January 2, 2011, who previously faced lengthy and expensive court proceedings to access their savings.

Under the new proposal, parents and carers can approach fund providers directly to access savings on behalf of account holders. Economic Secretary to the Treasury Lucy Rigby will introduce an amendment to the Financial Services Bill, enabling the Ministry of Justice to implement these regulations. The government estimates the change will benefit between 63,000 and 126,000 young adults, with accounts averaging £2,600.

Justice Minister Jake Richards described the move as correcting a long-standing injustice, while Anna Bird, Chief Executive of Contact, noted that families had faced a complicated and costly process for too long. While the Court of Protection remains an available alternative for protecting financial interests, the primary goal is to simplify the process for those who need it most.