The Unclaimed Assets Charity Coalition, comprised of a number of large charities including Cancer Research UK, Barnardo’s and Guide Dogs for the Blind, has said that charities are missing out on hundreds of millions of pounds when assets bequeathed to them remain unclaimed by estate executors. This occurs when a percentage of someone’s estate has been left to charity, yet portions of that estate lay hidden in old bank accounts or shares, for example.

The Coalition is calling on government to adopt a comprehensive definition of unclaimed assets, reduce the proposed 15 year period of account dormancy to five years, and place a mandatory obligation on financial institutions to surrender the unclaimed assets they hold to rightful owners. It is also seeking the creation of a national register of unclaimed assets, and a full and open consultation with the public and the third sector on how unclaimed assets should be distributed.

Further information on the Coalition can be obtained from Cancer Research UK’s Public Affairs team at publicaffairs@cancer.org.uk