Our role – principal activities
The principal activity of Reclaim Fund Ltd is that of the collection and management of dormant account monies.
The Dormant Bank and Building Society Accounts Act 2008 (‘The Act’) enables those banks and building societies, that choose to participate (‘participants’), to transfer money from their dormant accounts to the Company for surplus funds to be distributed by RFL to Big Lottery Fund and then onwards to good causes across the UK. The Act also ensures that the right of account holders to reclaim their money is protected in perpetuity by transferring the individual’s claim against their bank or building society to RFL.
The strategy for the Company is wholly aligned to the operational activities authorised by the Act, which permits only those activities set down in the Act. Along with the activities above, the Company is permitted to invest funds and to defray administrative costs and other reasonable expenses.