# New Commission to reclaim dormant assets for charity

- Link: https://fundraising.co.uk/2016/01/07/cabinet-office-commission-to-reclaim-dormant-assets-for-charity/
- Published: 2016-01-07T09:00:43+00:00
- Author: Melanie May

**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](http://www.bigsocietycapital.com/), 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](https://www.fundraising.co.uk/2008/11/28/dormant-accounts-act-passed/)
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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