Between September 2002 and January 2011, he was one of about six million babies born, and almost everyone of them received at least £250 from the government to help them start saving.
By the time they turned eighteen, the long-term tax-free savings pool was supposed to increase in value.
The investment firm Columbia Threadneedle, which was handling Max’s fund when it matured, claimed to have written to his parents regarding an annual fee of around £30 but that the letters had been returned unopened.
Over the years, the cost consumed nearly all of the funds when the family moved. This was deemed “not the outcome we want for any of our customers” by Columbia Threadneedle.
Gordon Brown, the then-chancellor, established Child Trust Funds with stringent guidelines on the maximum amount that could be charged in fees.
The coalition government cut the initial sum to £50 in 2010, even though the majority of recipients received £250 in their savings pot, with those from lower-income families receiving more.
Four years ago, when those infants started turning eighteen and were informed, like Max, that they could finally access their money, the first trust fund began maturing.
