Dormant Assets Commission members named

Dormant Assets Commission chair Nick O’Donohoe has announced the commissioners tasked with unlocking up to £1bn in funding for good causes.

The commission will build on the Dormant Accounts Scheme, where banks and building societies contribute accounts that have been untouched for 15 years to good causes.

Commissioners announced today include PwC Global vice chairman Richard Collier-Keywood, Aviva general counsel and company secretary Kirsty Cooper, and former Credit Suisse chief operating officer global prime services Gurpreet Dehal.

KPMG partner Rachel Hanger has also been appointed to the commission, along with City UK non-executive director Jackie Hunt, London Stock Exchange group director of information services and FTSE Group chief executive Mark Makepeace, Investor Forum adviser Susan Sternglass, and Lloyds Banking Group business risk director Martin Turner.

The commission is tasked with supporting Government’s approach to identify new pools of dormant assets and work with industry to encourage their contribution of these assets to good causes.

New pools of unclaimed assets might include stocks, shares, pensions and bonds.

The commission will advise on which dormant assets can be brought into an expanded dormant asset scheme and how they can be identified, and the projected size of the funding pot this could produce for good causes.

It will also consider whether the current system is able to manage the burden of the potential increase of dormant assets, and whether any new legislation should include a requirement for improved transparency from industry on disclosing the level of assets within their sector.

The commission is due to report to the Prime Minister and the Cabinet Office by the end of the year.

Minister for Civil Society Rob Wilson said the creation of the commission, which launched today, demonstrates the Government’s plans to reform and improve the sector.

“Thanks to this commission, dormant assets which may otherwise have sat gathering dust will make a real difference to people’s lives. I have no doubt that Nick and the new commissioners are going to present a cast iron plan to help charities in the years ahead.”

O’Donohoe said dormant bank and Building Society accounts have already released £850m for use by the voluntary sector.

“The newly launched Commission on Dormant Assets has the opportunity to build on that success by identifying further sources of unclaimed assets. Each commissioner brings valuable experience and insight which will ensure that no stone is left unturned in the search for additional sources of funding for good causes.”