FCA urges young adults to check for unclaimed Child Trust Funds and warns against high fees from tracing firms

The Financial Conduct Authority (FCA) is encouraging young adults and parents to check for unclaimed Child Trust Funds, with 760,000 accounts worth an average of £2,000 each still outstanding. The FCA warns against firms charging high fees for tracing services, as these funds can be located for free through HMRC's online tool. A review is also being launched to address issues such as young adults losing touch with their savings and ensuring fair value under the Consumer Duty.

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• Check if you have an unclaimed Child Trust Fund using HMRC's free online tool.
• Avoid paying firms high fees to trace your Child Trust Fund, as it can be done for free.
• Contact your Child Trust Fund provider directly if you know who they are to arrange withdrawal or transfer.