# Widening of Dormant Assets Scheme expected to unlock further £880mn for good causes

- Link: https://fundraising.co.uk/2024/08/09/widening-of-dormant-assets-scheme-expected-to-unlock-further-880mn-for-good-causes/
- Published: 2024-08-09T08:13:34+01:00
- Author: Melanie May

**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](https://www.fca.org.uk/publication/policy/ps24-10.pdf)
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](https://fundraising.co.uk/2023/03/07/expansion-of-dormant-assets-scheme-to-unlock-millions-more/)
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](https://fundraising.co.uk/2023/06/05/aviva-becomes-first-pensions-insurance-provider-to-join-dormant-assets-scheme/)
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.