Source · Select Committees · Public Accounts Committee
Recommendation 9
9
Providers are making even more money from some Child Trust Funds in other ways, as...
Conclusion
Providers are making even more money from some Child Trust Funds in other ways, as other types of Child Trust Fund have no cap on fees. Around 1.3 million Child Trust Funds (0.3 million stocks and shares accounts and 1.0 million cash deposit accounts) are not subject to the cap on fees. The Share Foundation described a case in which a provider had asked the charity to pay £20 for a single account statement, which it declined to do.13 7 Qq 24, 37, 56 8 Q 26, C&AG’s Report, para 2.4 9 Qq 25, 26 and 34 10 Qq 40–42 11 Qq 28, 46–47, 55; Correspondence from HMRC to PAC dated 7 June 2023 12 Qq 33, 35, 37; C&AG’s Report, para 3.8 13 Qq 35–36; C&AG’s Report, Figure 2 Child Trust Funds 11
Government Response
A response document is linked to this report, dated 24 September 2023. Response attribution to this conclusion has not been verified. Read the response document ↗