| |
|
|
Select
Committee recommends Social Investment Bank for
unclaimed assets |
06/08/07 |
| |
There is a clear need for a Social Investment Bank which will
receive significant funding through unclaimed assets, according
to the Treasury Select Committee’s eleventh report on
unclaimed assets.
The 181 page report makes a number of recommendations which
include the establishment of a ‘lost and found’
system to allow people to reclaim their funds, a reduction
in the length of dormancy (originally mooted at 15 years)
before funds are considered unclaimed, and that National Savings
& Investments (NS&I) be included in the scope of an
unclaimed assets scheme.
The report also disputes the government’s recommendation
that the scheme should be voluntary for banks and building
societies, and encourages government to investigate proposals
for the scheme to include other classes of unclaimed asset,
including insurance.
Commenting on the report Stuart Etherington, chief executive
of NCVO welcomed the recommendation for a Social Investment
Bank, and the suggestion that legislation should include reserve
powers in the event that a voluntary sector scheme is not
successful.
However, he said the report appeared to suggest that grants
are an outmoded means of funding – with which he disagreed
- and was disappointed that there had not been wider consultation
on the priorities set for funds.
“There is a clear need to build a full understanding
of unclaimed assets as a public good in which everyone has
a stake,” he said. “Given the public nature of
these funds, it may be appropriate for distributors to be
accountable to Parliament.”
Maxine Taylor, executive director of policy and communications
at Cancer Research UK (a member of the Unclaimed Assets Charity
Coalition) said she supported many of the suggestions outlined
in the report. “In particular, the recommendation to
widen the scope of the scheme beyond money left in forgotten
bank and building society accounts is a positive start, although
we would like to see this extended further to include all
types of financial investment, such as deposit boxes and shares,”
she said. “We also welcome the committee’s call
to make any scheme for financial institutions mandatory and
the proposed reduction in the dormancy period.”
To view the full report visit:
www.publications.parliament.uk/pa/cm200607/cmselect/cmtreasy/533/53302.htm
|
| |
|
| |
|
|
