Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will list the financial firms who operate Child Trust Funds.
HMRC has published the number of CTF and contributions in the following publications for the years requested. The following links provide the last edition of these publications.
Link to “Child Trust Fund Statistical Report” – https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/255886/statistical-report.pdf
Link to “Child Trust Funds: detailed distributional analysis” - https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/255881/dda.pdf
HMRC does not have records of, nor have they made any estimations of, CTF accounts where the child or their parents is unaware of which firm is maintaining the account. CTF providers are required in legislation to send out regular statements to the contact for the account. However, although the primary relationship is between the account provider and the child’s parents, if they don’t know which provider is managing their child’s account, they can use the following online form to track the account.
https://www.gov.uk/child-trust-funds
HMRC estimates the market value of all Child Trust Funds (as at 2015-16), which will start to be eligible to be accessed by their beneficial holder from September 2020, to be £7,450 m. This estimate used the latest complete Child Trust Fund information available to HMRC – relating to 2015-16. This may not necessarily be reflective of the market value the accounts when they reach maturity.
A complete list of authorised Child Trust Fund Providers is held at the following webpage: https://www.gov.uk/government/publications/list-of-authorised-child-trust-fund-providers/child-trust-fund-account-providers