27 Jul 2021

Dormant Assets Scheme Extended

The Dormant Assets Scheme aims to reunite people with their financial assets, but where that is not possible, the money held in these dormant bank and building society accounts can be redistributed to benefit communities across the UK.

To date, since its launch in 2011, circa £745 million has been distributed to good causes.

The government has now consulted on and agreed to expand this scheme to include the proceeds from dormant Insurance policies and retirement income products, shares, unit trusts, other investments, and securities from which a further £800 million is expected to be released.

The scheme always remains voluntary for providers to join, and if a customer wishes to claim on an asset they will always be able to do so, and for the same value as if the asset had not been transferred.