Question to the Ministry of Justice:

To ask the Secretary of State for Justice, what recent assessment has been made of the adequacy of support available to parents applying to the Court of Protection for an order authorising access to their child's (a) Child Trust Fund and (b) Junior ISA when their child lacks capacity to manage their financial assets.

Where a young adult lacks mental capacity, the law requires parents or a guardian to have legal authority to make decisions on their behalf about financial assets or property. This longstanding requirement is vital in ensuring that vulnerable people are safeguarded and protected from potential financial abuse. The requirement for legal authority extends to accessing funds held in a Child Trust Fund or a Junior ISA.

On 9 June 2023, the Ministry of Justice published the ‘Making Financial Decisions for young people: parent and carer toolkit’ explaining the process by which parents and guardians of disabled children who lack capacity can obtain legal authority if no other arrangements are in place to provide such authority. This can be done by making an application to the Court of Protection for an order authorising access to monies held in a Child Trust Fund or Junior ISA. The toolkit is available on Gov.UK. Information to assist parents or carers in the completion of one of the required court forms can be found here: How to apply to make property and finance decisions on someone’s behalf (including Child Trust Funds) - GOV.UK

Ministers are working closely to consider what further steps could be taken to ameliorate the process for supporting young people without capacity to access small value capital assets. The Ministry of Justice will continue to engage with key stakeholders to understand more about the difficulties and potential changes to address these while maintaining necessary safeguards.