The principal activity of Reclaim Fund Ltd is that of the receipt 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 RFL, where surplus funds, deemed as being amounts in excess of what is required to meet future reclaims, can be distributed by RFL to The National Lottery Community Fund (previously known as 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, at any time, is protected in perpetuity by transferring the individual’s claim against the bank or building society to RFL.
The strategy of 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.
*Content such as financial figures provided in this video correct as at January 2019.