# Government announces intention to expand dormant assets scheme

- Link: https://fundraising.co.uk/2020/02/21/government-announces-intention-to-expand-dormant-assets-scheme/
- Published: 2020-02-21T10:48:56+00:00
- Author: Melanie May

**The Government is seeking views on its intention to expand the dormant assets 
scheme from bank and building society accounts to also cover insurance, investment
and wealth management, and securities products.**

Since its 2011 launch, over £600 million has been redistributed to good causes, 
with 30 organisations, including all major high street banks, voluntarily transferring
dormant funds into the scheme.

Over £400 million has been used to establish [Big Society Capital,](https://bigsocietycapital.com/)
while in March 2019, [Fair4All Finance](https://fair4allfinance.org.uk/) was established
with an allocation of £55 million to support the financial wellbeing of vulnerable
people. The [Youth Futures Foundation](https://youthfuturesfoundation.org/) was 
also allocated £90 million to help unemployed, disadvantaged young people across
the country into jobs.

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The Government is now launching a consultation on its plans to expand the scheme.
The [public consultation](https://www.gov.uk/government/consultations/consultation-on-expanding-the-dormant-assets-scheme)
follows an [industry-led](https://www.gov.uk/government/news/independent-report-presents-blueprint-for-expanding-dormant-assets-scheme)
report that made a series of recommendations on how to broaden the current scheme
beyond bank and building society accounts.

The Government is consulting on expanding the scheme to the following sectors:

 * Insurance and pensions
 * Investment and wealth management
 * Securities

Assets proposed to be within the scope of the expansion include:

 * Dormant insurance policy proceeds
 * Dormant share proceeds
 * Dormant unit proceeds
 * Dormant distributions and proceeds from investment assets
 * Other dormant security distributions

Customers will always be able to reclaim the same amount they would have had if 
their assets were never transferred, as they do in the current scheme, and companies
would continue to participate on a voluntary basis.

Minister for Civil Society, Baroness Barran said:

> “The dormant assets scheme is making a real difference to people across the nation.
> This includes helping to tackle youth unemployment, addressing financial exclusion
> and growing the social investment market. That’s why we are now seeking views 
> on expanding the scheme to include even more unclaimed assets, in a way that continues
> to protect customers whilst potentially unlocking millions more pounds for good
> causes.”

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