LONDON, June 29 -- The government of the United Kingdom issued the following news:

* Nationwide, HSBC UK, Sheffield Mutual and One Family among members of new taskforcemeeting for first timeas governmenttakes action to reuniteyoung people withunclaimedChildTrust Funds * The Taskforce will improve coordination across government and industry to encourage more young people to access their unclaimed maturedfunds * More than 750,000 young people have unclaimed accounts worth £2,200 on average

Hundreds of thousands of young people could soon be reunited with unclaimed savings worth more than £1.6 billion, as the government launches a new push to trace maturedChild Trust Funds (CTFs).

Around 6.3 millionChild Trust Fundaccounts were opened for children born between 1 September 2002 and 2 January 2011, predominantly by parents and guardians, with the remainder established by HMRC. Accounts can go unclaimed for a number of reasons difficulty locating them, people forget they have them, or a decision to leave the funds invested for the time being.

Child Trust Funds were introduced to give every child a financial asset at adulthood, and this government is doing everything it can to make sure young adultsare aware of and can access their accounts.

To make this happen, Economic Secretary to the Treasury, Rachel Blake MP, hasconveneda newChild Trust FundTaskforce, bringing together CTF providers and the Governmentto drive a coordinated effort to increase reunification of accounts.

Members of the Taskforce will include One Family, Coutts, Nationwide, HSBC UK, Pilling, The Coventry (Co-operative), Sheffield Mutual, Unity Mutual, Forester, Healthy Investments and The Share Foundation- with the first meeting happening today.

More than 750,000 young adults still have unclaimed maturedaccounts, holding £2,200 on average.The fundswere originally set up by the government for those born between 1 September 2002 and 2 January 2011. The Taskforcewillimprove coordination across government and industry to encourage more young people to access their unclaimed matured CTFs. 

Rachel Blake, Economic Secretary to the Treasury, said:

Too many young people are missing outsimply becausethey are not aware of where theirChild Trust Fundis or how to access it.

We are acting to fix that by bringinggovernment and industry together - improving coordination and making it easier for people to find and claim what's rightfully theirs.

JP Marks, HMRC's Chief Executive and First Permanent Secretary, said:

Many young people haveChild Trust Fundaccounts with an average £2,200 waiting to be claimed. This is their money, and wewant to do all we can to help them find and access it.

If you think you have one, you can use the 'Find myChild Trust Fund' tool on GOV.UK to find out where your account is held.

TheTaskforcewillbring providers together to improve tracing approaches, test more effective engagement with young people, and drive practical actions that lead to more accounts being claimed.

Today'smovebuilds on existing action to tackle unclaimed matured accounts,including ongoing HMRC communications campaignsand direct lettersgoing outto eligible 21-year-olds.

Anyone born between 1 September 2002 and2 January2011 can search for their account onGOV.UK.Thesearch is free, requires only a National Insurance number, and takes minutes. Those aged 18 or over can access fundsimmediately.

Jim Islam, Chief Executive Officer, OneFamily, said:

We welcome the creation of theChild Trust FundTaskforce to help more young people access their savings. We know from our own experience that making this process as easy as possible is essential and we look forward to working together with government and industry partners.

Child Trust Funds have already provided a valuable financial boost to millionsof individuals who have claimed their accounts as they enter adulthood, making a real difference to people's lives.

We're committed to playing our part in helping people who have not yet claimed. Anyone born after 1 September 2002 who has already turned 18 will have aChild Trust Fund, and can search for their account on the government website.

Philip Kurtenbach,Head of Product Management & Governance, Wealth & PB, HSBC UK said:

At HSBC UK, we're committed to putting customers at the heart of everything we do. We know that having a fund to support young people as they start adult life can make a real difference - opening up opportunities at a pivotal moment in their lives. That's why we're supporting the HMT Taskforce as the industry comes together to ensure the funds reach those they were intended for.

Richard Stocker, Head of Savings, Nationwide said:

Nationwide is pleased to be part of the Child Trust Fund taskforce and fully supports its aims. We remain committed to working collaboratively across the industry to build on the progress made so far and deliver a meaningful outcome on this important issue.

Notes to editors

* TheChild Trust Fundscheme was introduced in 2005 to give every child a financial asset for the future. It applied to eligible children born between 1 September 2002 and 2 January 2011, with the Government making a payment into each account. * Accounts began maturing on 1 September 2020, and more than 750,000 matured accountsremainunclaimed, with an average value of about £2,200. Many eligible young people, now aged 15 to 23, may not know they have an account. The total value of unclaimed funds runs into hundreds of millions of pounds. * The Taskforce aims to break down barriers to opportunity and give young people the best start to adult life. It also aligns with the National Youth Strategy, whichidentifiesfinancial insecurity as a key pressure and calls for practical action.

Disclaimer: Curated by HT Syndication.