# Dormant Accounts Act is passed

- Link: https://fundraising.co.uk/2008/11/28/dormant-accounts-act-passed/
- Published: 2008-11-28T13:05:31+00:00
- Author: Howard Lake

The Dormant Bank and Building Society Accounts Act was passed by Parliament this
week and received Royal Assent yesterday. The Act will enable unclaimed assets from
dormant bank accounts, where there has been no customer activity for 15 years, to
be reinvested into the community.

The move was welcomed by the Unclaimed Assets Charity Coalition. Richard Davidson,
director of policy and public affairs at Cancer Research UK, said: “The Unclaimed
Assets Charity Coalition is pleased that the [Dormant Bank and Building Society Accounts Act](http://www.publications.parliament.uk/pa/ld200708/ldbills/002/08002.i-ii.html)
has been passed this week. In particular we welcome the Government’s decision to
commit to a three year review of the legislation.

“It is crucial that this review is comprehensive and seeks to assess if attempts
to reunite people with unclaimed financial assets have been sufficient. We hope 
that, if necessary, the review will lead to further government action on this important
issue.

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“In addition to the lobbying work it has carried out around the Act, the Unclaimed
Assets Charity Coalition has continued to work on many fronts. As well as monitoring
the use and effectiveness of My Lost Account and working with industry to develop
it, we have also been improving processes for reuniting other asset types.

“We are looking to the introduction of this Act to further improve and maximise 
efforts to reunite people and organisations with what is rightfully theirs.”

www.ncvo-vol.org.uk/policy/index.asp?id=3789