In 2005, the UK government introduced the Child Trust Fund (CTF), a type of tax-free savings account.

Every child born in the UK between September 2002 and January 2011 received up to GBP500 from the government to start their CTF, with disabled children and those from low-income families receiving additional sums. Families were then encouraged to save into the CTF and money would be locked away until the child turned 18. The first CTFs matured in September 2020.

The issue 

No consideration was given to what would happen if a child lacked mental capacity to manage their finances once they turned 18. These young people cannot take control of their savings, yet there is not an easy way for their parents to access the account on their behalf. Instead, the government requires parents in England and Wales managing their child’s finances to make a deputyship application to the Court of Protection (CoP) to access their CTF.