Become a Registered Contact

There are often assumptions made around the Registered Contact on a CTF account and so we’ve put together some information to try and make things a little clearer. Itis an important element to understand when it comes to managing a Child Trust Fund account, so please take the time to read this section carefully.

What is the Registered Contact?

We thought this would be a good place to start!

The Registered Contact is the individual who has permission to manage and make decisions about the CTF account. It’s important to understand, that just because you have received a letter in your name from the CTF provider, this doesn’t mean they have you as the Registered Contact. You may simply be the ‘correspondent’ on their file, which doesn’t afford you the same rights around decision making.

Who can become the Registered Contact and how can this be done?

The Registered Contact must be someone with parental responsibility for the child or the child themselves if they are at least aged 16. If the child is already 16, only they can become the Registered Contact on their account.

However, none of this happens automatically. You must apply to become the Registered Contact with whoever manages the account. Different providers may have different ways of doing this, but this is generally fairly straightforward. If your account is with Kingston Unity, you can apply by downloading and completing the Registered Contact application form using the button below.

What can I do as a Registered Contact?

As a Registered Contact you can view details of the account and make decisions around transferring the account type or provider, but you cannot close the account or withdraw money from it. This can only be done when the account matures on the child’s 18th birthday *.

Regardless of who the Registered Contact is, only the child can instruct the provider on what to do with their money when their account matures. We’ve put together a handy process to help explain the options for a Maturing CTF account here.

*There are exceptional circumstances where withdrawals from a CTF may be allowed. Please see our CTF Q&A for more details.

What if there is already a Registered Contact on the account?

There can’t be more than one Registered Contact on the account. If there is already a Registered Contact on the account, except in exceptional circumstances, they would need to give consent to be removed before someone else could take over. However, this rule does alter when the child turns 16. At that point, they can take responsibility for their own account, and should they wish to do so, their current Registered Contact would be replaced.

Keeping up?

There’s quite a lot of information to learn here. If you do have any more questions, feel free to get in touch and we’ll help you further.

Please Note: You must confirm you have read the key facts, before downloading this document.

Key Facts about our services and costs

1. The Financial Conduct Authority (FCA)

The FCA is the independent watchdog that regulates financial services. This document is designed by the FCA to be given to consumers buying certain financial products. You need to read this important document. It explains the service you are being offered and how you will pay for it.

2. Whose products do we offer?

We offer products from the whole market

We only offer products from a limited number of companies

We only offer our own products

3. Which service will we provide you with?

We will advise and make a recommendation for you after we have assessed your needs.

You will not receive advice or a recommendation from us. We may ask some questions to narrow down the selection of products that we will provide details on. You will then need to make your own choice about how to proceed.

We will provide basic advice on a limited range of stakeholder products and in order to do this we will ask some questions about your income, savings and other circumstances but we will not:

  • conduct a full assessment of your needs;
  • offer advice on whether a non-stakeholder product may be more suitable.

We can only offer products from Kingston Unity Friendly Society. These products will enable you to:

  • protect yourself and your loved ones in the event of death
  • save and invest with the added benefit of protecting yourself and your loved ones in the event of death
  • provide benefit cover in the event of sickness

4. What will you have to pay us for our services?

Normally, if you buy a financial product direct from us, there will be no payments such as commission or fees payable. If there are any commission or fees payable, we will tell you how we get paid and the amount before we carry out any business for you.

5. Who regulates us?

Kingston Unity Friendly Society, 9 Navigation Court, Calder Park, Wakefield, WF2 7BJ is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and .the Prudential Regulation Authority. Kingston Unity Friendly Society’s FCA Registered Number is 110056.

Kingston Unity Friendly Society permitted business is advising and arranging life assurance and pensions business.

You can check this on the FCA’s Register by visiting the FCA’s website or by contacting the FCA on 0845 606 1234.

6. What to do if you have a complaint

If you wish to register a complaint, please contact us:
…in writing Write to Kingston Unity Friendly Society, Complaints Department, 9 Navigation Court, Calder Park, Wakefield, WF2 7BJ. …by phoneTelephone (01924) 240164

If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.

7. Are we covered by the Financial Services Compensation Scheme (FSCS)?

We are covered by the FSCS. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim.

Most types of insurance business are covered for 90% of the claim with no upper limit.