The Government has announced an expansion to the Dormant Assets Scheme, unlocking a potential £800m in support from across the insurance and pensions, investment, wealth management, and securities sectors.
Established in 2011, the recovery fund has distributed cash from bank and building society accounts that were left vacant for 15 years when the rightful owners cannot be found.
The scheme, which has already raised £150m to support the UK’s charity and voluntary sectors since the start of the pandemic, will continue to act with a priority of locating and reuniting people with their financial assets across a number of new sectors.
However, when that is not possible, businesses across the insurance, investment, wealth management, and securities sectors will now be able to transfer the funds into the scheme that “will make a real difference to people”.
Oliver Dowden, secretary of state for digital, culture, media, and sport, 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.”
John Glen, economic secretary to the treasury, added that when people cannot be reunited with their forgotten assets it is right that they are used to “tackle some of the UK’s most pressing social and environmental challenges”.