Natwest Group: Child Trust Fund

(asked on 12th July 2022) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will take steps to ensure NatWest Group's compliance with current legislation in the administration of customers' Child Trust Fund accounts.


Answered by
Richard Fuller Portrait
Richard Fuller
This question was answered on 15th July 2022

Treasury ministers and officials engage with stakeholders on a variety of issues. However, how firms service their financial products is a commercial decision for firms in which the Government does not seek to intervene. Nonetheless, the Government is committed to reuniting all young adults with their Child Trust Funds (CTFs) and recognises the importance of ensuring that young adults can benefit from these funds as they reach adulthood.

The Child Trust Fund Regulations do not require firms to provide access to money held in these accounts within a defined period of time upon maturity. However, UK banks’ and building societies’ treatment of their customers is governed by the Financial Conduct Authority (FCA) in its Principles for Businesses. This includes a general requirement for firms to provide a prompt, efficient and fair service to all of their customers.

Any dispute arising between a bank and its customers is usually best resolved by the parties involved. I encourage all those affected to contact their bank’s customer complaints department. The Financial Conduct Authority’s rules require firms to properly investigate all complaints and, through ongoing supervision, it continues to monitor firms complaint handling processes.

If customers remain unhappy with their bank’s response, they will be eligible to apply to have a further review conducted by the Financial Ombudsman Service (FOS) which provides a free, independent dispute resolution service for customers.

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