# Dormant Assets Scheme to expand after Bill gets Royal Assent

- Link: https://fundraising.co.uk/2022/03/04/dormant-assets-scheme-to-expand-after-bill-gets-royal-assent/
- Published: 2022-03-04T10:11:17+00:00
- Author: Melanie May

**The Dormant Assets Bill received Royal Assent on 24 February, paving the way for
the scheme’s expansion.**

The expanded scheme will use dormant funds from insurance, pensions, investment 
and wealth management, and securities sectors, with this expected to release a further
£880 million.

The first priority will continue to be reuniting people with their financial assets.
Where this is not possible, more businesses will be able to voluntarily transfer
dormant assets to Reclaim Fund Ltd. People will still be able to reclaim their assets
in full at any time.

## Advertisement

 [⌊Posthub advert. You create the campaign. We'll handle the postal journey. Get started at post-hub.co.uk.⌉](https://fundraising.co.uk/ads/posthub-20261007-300x250/)

A consultation will be launched this summer to look at what causes should benefit
in England to help level up opportunities for young people and communities across
the country. Proposals include boosting investment in youth programmes, social enterprises
and money management.

John Glen, Economic Secretary to the Treasury, said:

> “I am really pleased that the Dormant Assets Act has secured Royal Assent, which
> marks years of close collaboration with industry.
>  
> “This Bill is estimated to unlock more than £880m over time to benefit communities
> right across the U.K. I’d encourage as many firms as possible to take part in 
> the Scheme, so that even more genuinely dormant funds can be put to good use.”

Since the launch of the Dormant Assets Scheme in 2011, participating banks and building
societies have released more than £800 million from dormant accounts which are open
but have been inactive for at least 15 years.

Last month it was announced that [a further £44 million](https://fundraising.co.uk/2022/02/09/another-44-million-allocated-to-good-causes-through-dormant-assets-scheme/)
was going to good causes via the scheme, distributed by The National Lottery Community
Fund.

The government announced its [intention to expand the scheme](https://fundraising.co.uk/2020/02/21/government-announces-intention-to-expand-dormant-assets-scheme/)
in 2020.

 * **[Revitalising Trusts Programme launches in Wales to unlock dormant charitable funds](https://fundraising.co.uk/2022/07/27/revitalising-trusts-programme-launches-in-wales-to-unlock-dormant-charitable-funds/)**(
   27 July 2022)
 * **[Organisations in Northern Ireland share almost £1.5mn from dormant accounts](https://fundraising.co.uk/2023/08/24/organisations-in-northern-ireland-share-almost-1-5mn-from-dormant-accounts/)**(
   24 August 2023)
 * **[Dormant Assets Scheme reaches milestone of £1bn distributed to UK good causes](https://fundraising.co.uk/2025/01/07/dormant-assets-scheme-reaches-milestone-of-1bn-distributed-to-uk-good-causes/)**(
   7 January 2025)