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New Commission to reclaim dormant assets for charity
Melanie May | 7 January 2016 | News
The Cabinet Office has announced the launch of the Dormant Assets Commission to unlock unclaimed assets and redirect them into funding good causes.
Over the next year, the independent Commission, chaired by Nick O’Donohoe, outgoing chief executive of Big Society Capital, will work to identify unclaimed assets, such as stocks, shares, pensions and bonds, that have been untouched for more than 15 years. The funds collected will go to a number of good causes although owners can reclaim their lost assets at any time.
According to Government estimates, more than £1 billion of dormant assets exist that could be reclaimed.
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The new scheme will run in a similar way to the existing Dormant Accounts Scheme, which has seen more than £750 million worth of dormant accounts volunteered by banks and building societies since the Dormant Bank and Building Society Accounts Act was launched in 2008.
Minister for Civil Society, Rob Wilson said:
“More than a billion pounds of assets, that might otherwise sit gathering dust, will go into funding for charities that make a real difference to people’s lives across the country. To build an even more caring and compassionate country we need to transform dormant resources and give the funds to those who need it.”
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About Melanie May
Melanie May is a journalist and copywriter specialising in writing both for and about the charity and marketing services sectors since 2001. She can be reached via thepurplepim.com.