Dormant Accounts Act is passed
Howard Lake | 28 November 2008 | News
The Dormant Bank and Building Society Accounts Act was passed by Parliament this week and received Royal Assent yesterday. The Act will enable unclaimed assets from dormant bank accounts, where there has been no customer activity for 15 years, to be reinvested into the community.
The move was welcomed by the Unclaimed Assets Charity Coalition. Richard Davidson, director of policy and public affairs at Cancer Research UK, said: “The Unclaimed Assets Charity Coalition is pleased that the Dormant Bank and Building Society Accounts Act has been passed this week. In particular we welcome the Government’s decision to commit to a three year review of the legislation.
“It is crucial that this review is comprehensive and seeks to assess if attempts to reunite people with unclaimed financial assets have been sufficient. We hope that, if necessary, the review will lead to further government action on this important issue.
“In addition to the lobbying work it has carried out around the Act, the Unclaimed Assets Charity Coalition has continued to work on many fronts. As well as monitoring the use and effectiveness of My Lost Account and working with industry to develop it, we have also been improving processes for reuniting other asset types.
“We are looking to the introduction of this Act to further improve and maximise efforts to reunite people and organisations with what is rightfully theirs.”
www.ncvo-vol.org.uk/policy/index.asp?id=3789
About Howard Lake
Howard Lake is consultant editor of UK Fundraising. He founded the site in 1994 and successfully sold it in 2022. As director of Giving X Ltd he is exploring growing giving on a massive scale.
He is the founder of Fundraising Camp and co-founder of GoodJobs.