Government looks to expand dormant assets scheme

first_imgFriday 21 February 2020 12:01 am “The dormant assets scheme is making a real difference to people across the nation. This includes helping to tackle youth unemployment, addressing financial exclusion and growing the social investment market,” said Baroness Barran, minister for civil society. However, it encouraged views on this as part of a consultation process launched today. (Getty Images) “That’s why we are now seeking views on expanding the scheme to include even more unclaimed assets, in a way that continues to protect customers whilst potentially unlocking millions more pounds for good causes.” The government today outlined plans to expand the dormant assets scheme in a move that could unlock hundreds of millions of pounds for good causes across the UK. (Getty Images) Also Read: Government looks to expand dormant assets scheme to help good causes (Getty Images) Also Read: Government looks to expand dormant assets scheme to help good causes Since its launch in 2011, 30 firms — including all major high street banks — have volunteered to join the programme and more than £600m has been donated. Share Government looks to expand dormant assets scheme to help good causes center_img The government said it was minded to exclude pensions from the scheme expansion due to changes in the pension landscape over recent year and its plans for the new pensions dashboard. More than £400m of the funds have been used to establish Big Society Capital, an independent financial institution aimed at growing the social investment market in the UK. But the government today said it will seek to expand the scheme to include a range of financial assets including insurance, investment and wealth management and securities products. Under the current scheme, banks and building societies can opt to donate funds to good causes from accounts that have been untouched for 15 years or more and when the customer is no longer contactable. whatsapp whatsapp James Warrington Show Comments ▼last_img