Turner Lewis has been actively working to assist clients in accessing their unclaimed Child Trust Funds (CTFs), focusing on bridging the gap between clients and the financial institutions holding these accounts. With an estimated £1.7 billion in unclaimed CTFs across the UK, the need for effective recovery services has become increasingly evident.
Recent government reports have highlighted significant challenges in the CTF landscape, noting that over 40% of eligible individuals between 18-20 years old have yet to access their savings. These funds, often held by various financial providers, remain inaccessible to many, particularly those from low-income backgrounds. Despite the existence of tools designed to help individuals locate their CTFs, evidence suggests that these services have not been fully effective, as demonstrated by the substantial amount of unclaimed funds.
In response to this growing issue, Turner Lewis has been working diligently to build relationships with CTF providers, helping individuals locate and access the funds that belong to them. Thanks to successful cooperation with providers such as HSBC Trust Company (UK) Ltd (HSBC) and RBS Collective Investment Funds Limited, Turner Lewis has now managed to locate and facilitate access to approximately £1.2 million for its clients as of August 2024. This represents a significant increase in recovered funds, achieved in a much shorter space of time.
“We’ve seen a tremendous response from clients who hadn’t been aware of their savings,” said Teli Kaufman, at Turner Lewis. “Our focus on building strong relationships with providers has enabled us to streamline the process for clients, ensuring they can access their funds more quickly and efficiently.”
The success of these collaborations has encouraged Turner Lewis to expand its network with additional institutions. The company’s goal is to return as much of the unclaimed £1.7 billion as possible to the UK public, ensuring that these funds are no longer sitting unused in accounts.
“We appreciate the cooperation we’ve received from the providers we’ve engaged with so far, and we’re continuing to work on expanding these relationships to better serve our clients,” Kaufman added. “With each successful case, we are moving closer to our goal of becoming a trusted partner for those looking to locate and access their Child Trust Funds.”
As Turner Lewis continues its efforts, the company remains committed to addressing the challenges highlighted by the government and working towards a solution that benefits everyone involved. With each successful case, Turner Lewis strengthens its reputation as a reliable and effective service for helping individuals locate and access their unclaimed CTFs.
For more information about Turner Lewis’s Child Trust Fund services and fund recovery efforts, visit https://turnerlewis.co.uk.