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Money experts are warning teens and parents to think twice before using firms that offer to help track down long-lost savings accounts. The alert comes after it was found that many people
are unknowingly handing over hundreds of pounds for something they can do for free. Latest figures show more than 670,000 young people across the UK have untouched savings waiting to be
claimed. These were through Government Child Trust Funds, a long-term tax-free savings account, which were given to children born between September 1, 2002 and January 2, 2011. According to
HM Revenue and Customers figures the average payout is around £2,212. The money can be accessed for free once a child turns 18 by contacting the trust fund provider. If you do not know who
the provider is you can contact the HMRC and it will give you the details you need. However financial experts have now issued an alert to people to be on the lookout for firms which will
take a proportion of that cash in return for locating it. The warning comes after TikTok adverts from claims firm Turner Lewis Ltd were banned by the Advertising Standards Authority (ASA).
The company told users they had “nothing to lose” but failed to mention they would charge a fee of up to £420. Speaking following the ruling Aaron Peake, Personal Finance Expert at free
credit score service CredAbility, says: “It’s outrageous that some firms are charging young people hundreds of pounds to access their own money. These Child Trust Funds were set up to give
young people a financial head start, not to create a payday for middlemen. “Around six million Child Trust Funds were opened for children born between 1 September 2002 and 2 January 2011,
with most getting a government voucher of £250 or £500. Parents could top it up too, so there could be a decent amount waiting. “Reclaiming your fund is completely free and only takes a few
minutes through the government website. We’ve seen ads making the free tool look confusing, when really all you need is your date of birth and National Insurance number. Once you know your
provider, you can access the cash, move it into a savings account, or transfer it into a Lifetime ISA.” According to the ASA three issues were investigated following complaints from Martin
Lewis' Money Saving Expert and upheld. The financial experts complained about a TikTok post and website advertising services from a firm named Turner Lewis. The Turner Lewis TikTok post
said: "If you haven’t claimed yet then don’t worry, because we’ve got your back. Just click the link below to begin your process of locating your Child Trust Fund and, guess what? It’s
a no-win, no-fee basis, meaning you’ve got nothing to lose...” A link sent the viewer to a page where they could give permission to the company to locate the trust fund and give the
"necessary support to access it". Underneath was a box for a signature. Then on its website it stated: "Find Your Child Trust Fund With Turner Lewis […] we offer expert
services to help you locate your Child Trust Fund on a no win, no fee basis. Our fee is 25% plus VAT of the total amount in the account”. Smaller text directly below went on: “Please be
aware that you also have the option to locate your Child Trust Fund for free directly through HMRC. However, our dedicated team has successfully assisted thousands of clients, providing a
comprehensive walkthrough, results and peace of mind”. Money Saving Expert challenged whether the claim “you’ve got nothing to lose” in the ad (a) was misleading because Turner Lewis charged
for their services, despite consumers being able to trace Child Trust Funds for free using a HMRC tool. Meanwhile the ASA also challenged both ads on whether they misled consumers about the
nature of the advertised service, potentially deterring consumers from pursuing the free claim route and were misleading, because they failed to make clear significant qualifications
regarding a cancellation fee and the cooling-off period for Turner Lewis’s services. Turner Lewis Ltd said that the term “you’ve got nothing to lose” was intended to highlight that their
service was offered on a “no win, no fee” basis. If they did not locate a client’s Child Trust Fund (CTF), no charge would be levied, so clients would be no worse off than if they hadn’t
engaged their services. They also said they did not believe the adverts implied their service would be free. They said they were open and transparent about their services, through their ads,
website, and terms and conditions. All three complaints were upheld. The firm was told the adverts must not appear in the same form again and they must ensure it did not mislead consumers.