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Government look to unlock more Dormant Assets
The Government today announced that it will work with the financial industry in an effort to unlock more money to support good causes.
The announcement forms part of the Government’s response to the Independent Commission on Dormant Assets report. The Commission’s report examined how best to expand the current dormant assets scheme, through which hundreds of millions of pounds have been transferred to good causes.
Currently only cash held by banks and building societies that has been untouched for 15 years can be released. The Government agrees with the Commission’s recommendation to expand the scheme to assets from the banking, insurance, investment management and securities sectors.
It also outlines the Government’s commitment to the main principles of the scheme, including that customers should be able to reclaim dormant money at any time and that industry participation in the scheme should be voluntary.
Tracey Crouch, Minister for Sport and Civil Society, said:
“The dormant assets scheme is a brilliant example of how collaboration between business, government and the social sector can help build a society that works for everyone.
“The scheme has already made hundreds of millions of pounds available for good causes, and the publication today outlines how we will work alongside the financial services sector to increase the returns to charities and community projects.”
John Glen, Economic Secretary to the Treasury and City Minister said: “With the financial services industry’s support, we are already helping to improve the lives of millions across the country by using dormant assets which would otherwise be gathering dust. I’m grateful for the enthusiasm they have shown in helping to support their local communities, and look forward to working with the banks, insurance companies and investment management firms on how to expand the scheme further.”
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