Widening of Dormant Assets Scheme expected to unlock further £880mn for good causes
Melanie May | 9 August 2024 | News
The Financial Services Authority has announced an expansion of the Dormant Assets Scheme that could unlock an extra £880mn for good causes.
The scheme is expanding to include dormant investment assets and client money. Assets have to meet strict criteria to be classed as dormant and participating firms must try to trace and reunite them with their owners, who can also reclaim them at any point.
Since 2011, the UK Dormant Assets Scheme has unlocked more than £745mn for social and environment initiatives, from over £1.35 billion in dormant bank and building society accounts.
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An expansion was announced last year to include assets from the insurance and pensions, investment and wealth management, and the securities sectors. The first transfer of dormant assets from the insurance and pensions sector took place early last summer with Aviva joining over 40 banks and building societies signing up to the voluntary scheme.
The inclusion of investment assets and client money is the second phase of the expansion.
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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.