So pleased to have played my part in the campaign to make this change. A labour government delivering for people who have waited for 6 years to see this sorted 🙏💪
The last @UKLabour government introduced Child Trust Funds - a financial asset for every child in this country, accessible from age 18.
Nearly 3 million young people have already accessed their Funds, currently worth an average of £2,600 each.
For young people lacking the mental capacity to manage their money though, families have been required to go via the Court of Protection, in a process which many - including @sarahsmithlab - have rightly said is too complex, long & difficult to navigate.
Today, @JakeBenRichards & I are announcing that we’re changing that.
I will introduce a power into the Financial Services Bill that means the rules governing access to Child Trust Funds can be amended.
The result will be a fairer system for young people & their families, & more people being put in touch with a financial asset at an important point in their lives.
A big thank you to everyone that has campaigned to bring about this change & worked with us.View quoted post on X
