FCA Reviews Child Trust Fund Firms Over Efforts to Locate £1.5bn in Unclaimed Accounts
Source Summary
The Financial Conduct Authority has launched a review of child trust fund providers, pressuring them to do more to reunite young people with unclaimed accounts. Approximately 760,000 accounts worth an average of £2,000 each—totalling more than £1.5bn—remain unclaimed. The FCA is urging families to use a free tracking service to locate lost accounts.
Why it matters
The review addresses a significant consumer protection issue affecting over £1.5bn in savings that young people may not know they own, while testing whether financial firms are meeting their obligations to help customers access their funds.
