The shared message is simple: young adults should check whether a Child Trust Fund is in their name. One account stresses avoiding costly intermediaries, while the other highlights how the original government deposits could now help students meet rising costs.

As college and university terms begin, hundreds of thousands of young people could be unaware that a savings account has matured in their name. The Financial Conduct Authority and HMRC want them to search before a claims company turns a free process into an expensive one.

Child Trust Funds were opened for children born between September 2002 and January 2011, and HMRC estimates that about 760,000 accounts remain unclaimed, with an average value of roughly £2,000. The funds can be found through HMRC’s free online service or by contacting the provider directly.¹

The consumer-protection case centres on fees. The FCA says it has seen customers charged £400 simply to locate an account, as well as subscription charges for a one-off tracing service. Chris Knight, the regulator’s insurance director, said: “You don't need to pay someone else to claim what's rightfully yours.”¹ HMRC’s Myrtle Lloyd similarly urged those aged 15 to 24 to search GOV.UK for their account.¹

A second account focuses more on the potential boost for students. It notes that the state initially paid £250 per child—or £500 for lower-income families—with additional payments at age seven, before the scheme was replaced by Junior ISAs in 2011.² Dan Coatsworth of AJ Bell said recovering the money “could make a massive difference to someone struggling to make ends meet during their studies.”²

Both accounts agree on the practical advice: use the government’s search tool, rather than a paid third party, and treat unsolicited messages claiming to be from HMRC with caution.