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<p>Treasury ministers and officials engage with stakeholders on a variety of issues.
However, how firms service their financial products is a commercial decision for firms
in which the Government does not seek to intervene. Nonetheless, the Government is
committed to reuniting all young adults with their Child Trust Funds (CTFs) and recognises
the importance of ensuring that young adults can benefit from these funds as they
reach adulthood.</p><p> </p><p>The Child Trust Fund Regulations do not require firms
to provide access to money held in these accounts within a defined period of time
upon maturity. However, UK banks’ and building societies’ treatment of their customers
is governed by the Financial Conduct Authority (FCA) in its Principles for Businesses.
This includes a general requirement for firms to provide a prompt, efficient and fair
service to all of their customers.</p><p> </p><p>Any dispute arising between a bank
and its customers is usually best resolved by the parties involved. I encourage all
those affected to contact their bank’s customer complaints department. The Financial
Conduct Authority’s rules require firms to properly investigate all complaints and,
through ongoing supervision, it continues to monitor firms complaint handling processes.</p><p>
</p><p>If customers remain unhappy with their bank’s response, they will be eligible
to apply to have a further review conducted by the Financial Ombudsman Service (FOS)
which provides a free, independent dispute resolution service for customers.</p>
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