Our role – principal activities
The principal activity of Reclaim Fund Ltd (‘the Company’) is that of management of dormant account monies. The Company has been actively operating since 28 March 2011.
The Company was established as a wholly owned subsidiary of Co-operative Banking Group Ltd following the introduction of the Dormant Bank and Building Society Accounts Act 2008.
The Act enables banks and building societies, that choose to participate (‘participants’), to transfer money from their dormant accounts to the Company for distribution to Big Lottery Fund and then onwards to good causes across the UK. It 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 aligned to the operational activities authorised by the Dormant Bank and Building Society Accounts Act 2008, 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.