Dormant Assets Scheme operator Reclaim Fund Ltd (RFL) says that a record £370.3m raised from unused accounts this year is unlikely to be as high in future years.

It says that the sum, which has been transferred to the National Lottery Community Fund to distribute, is the largest in the operator’s history.

But this “includes a significant one-off element and is not expected to be repeated at the same level each year”.

“Future distributions will depend on assets received, reclaim experience, provisions, capital needs, investment and operating outcomes,” it added.

Reclaim say factors in this year’s record sum including “significant dormant asset transfers during the year and an updated capital and reserving strategy", which has identified the one-off pot of excess assets that can be released while still protecting money should it be reclaimed.

This year’s has also seen an expansion of the Dormant Assets Scheme to the investment and wealth management sector, with Janus Henderson, Jupiter, J.P Morgan and Schroders becoming its first four participants.

“This has been an exceptional year for RFL and for the Dormant Assets Scheme,” said RFL chief executive Adrian Smith.

“Our significant release of £370 million reflects rigorous work to strengthen our reserving approach, while safeguarding dormant asset owners’ right to reclaim their money.

“Alongside the opening of the Investment and Wealth Management sector, it demonstrates what can be achieved through strong partnership between business and government.”

The cumulative total given to good causes through the scheme now stands at £1.6bn.

Reclaim Fund chair Lawrence M. Weiss added: “Our focus remains on responsible growth, robust governance and helping more eligible firms participate.”

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