Dormant Assets legislation introduced

The government has formally introduced the Dormant Assets Bill into parliament.

The law, which was announced in the Queen’s Speech, aims to unlock £880m funding for social and environmental good causes by expanding the Dormant Assets Scheme.

Through the expansion, funding from the insurances and pensions, investment and wealth management as well as securities sectors will be added to the scheme.
The Bill received its first reading last week in the House of Lords.

Documents around the Bill, published by the Department for Digital, Culture, Media and Sport (DCMS) say “expanding the Scheme is crucial to maintaining its substantial impact in the UK, whilst supporting industry’s work to reunite more people with their forgotten assets”.

The scheme has so far raised more than £745m in the last decade by unlocking unclaimed dormant bank and building society funding.

Culture secretary Oliver Dowden said: “Funds raised through the existing Dormant Assets Scheme have already made a huge difference to vulnerable people and communities across the UK, especially during the pandemic.

“Expanding the scheme will mean hundreds of millions more for good causes, helping us to build back stronger in the years to come.”

Economic Secretary to the Treasury John Glen added: “Banks and building-and-loans associations across the UK are working tirelessly to reunite those with forgotten assets.

“But if this is not possible, it is correct that these funds will be used to address some
of the UK’s most pressing social and environmental challenges.

“The expansion of the scheme means that more people will reconnect with their assets, while at the same time making more money available for legitimate purposes.”

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