UK plans simpler access to Child Trust Fund savings for young adults lacking mental capacity
The UK Government plans to make it easier for young adults who lack the mental capacity to manage money to reach their Child Trust Fund savings. Under the proposed reforms, parents and carers could go straight to providers instead of using the Court of Protection, a court process that is often complex and costly. Justice Minister Jake Richards and Economic Secretary to the Treasury Lucy Rigby backed the plan, and the details will follow in secondary legislation after Parliamentary approval.
This summary was generated by AI; the official source prevails.
Who is affected?
Young adults who lack the mental capacity to manage their finances, along with their parents and carers.
What changes?
Previously, young adults lacking mental capacity had to go through the Court of Protection to reach their savings; the Government now plans to let parents and carers apply directly to providers.