UK Child Trust Funds: £1.5bn in unclaimed savings

Approximately 760,000 matured Child Trust Fund accounts in the United Kingdom remain unclaimed, with an estimated collective value of £1.52 billion. These tax-free savings accounts were established for children born between September 1, 2002, and January 2, 2011.

The Financial Conduct Authority (FCA) is launching a review of the market, targeting 55 banks, insurance companies, and fund managers. The investigation will examine how these institutions attempt to contact lost customers and whether the fees charged by tracing companies are reasonable. Some firms have reportedly charged up to £400 to locate funds, which could consume 20% of an average £2,000 account.

Eligible young adults can use official tracing services provided by HMRC for free to locate their savings without paying third-party fees.