Source · Select Committees · Public Accounts Committee
Recommendation 21
21
HMRC has not actively protected Child Trust Fund customers or monitored provider behaviour.
Conclusion
HMRC judged that, by 2013, the risk of tax loss from people opening Child Trust Funds they were not entitled to had fallen significantly. Few Child Trust Funds were opened after this point. We questioned whether HMRC had also assessed the risk of Child Trust Funds being mismanaged, such that young people might be losing money. HMRC told us that it has not been actively protecting Child Trust Fund customers or monitoring providers’ behaviour, although the standard protections provided by the Financial Conduct Authority still apply.32
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 ↗