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If you to know more about RFL and what we do, our most frequently asked questions are given below.

Banks & Building Societies

What is the Bank & Building Society sector doing to increase participation?

Participation by Banks & building societies continues to increase. Please see a full list on the relevant Scheme page. Existing participants are encouraged to:

  • Continue to identify all potentially eligible assets for inclusion within their future transfers to Reclaim Fund Ltd (RFL).
  • Create appropriate processes, where necessary, for eligible Cash Individual Savings Accounts (ISAs) and cash assets held in Suspense Accounts to be included.
  • Support RFL’s objective of increasing its reclaim modelling capabilities through evaluating additional dormant account data transfer. UK Finance and the Building Societies Association will support their members to make progress against the recommendations.

Cash ISAs are tax wrappers. What does this mean if a customers ISA is transferred into the Scheme?

HM Revenue and Customs has published guidance for Cash ISA managers which clarifies that Cash ISA tax wrappers will be preserved and survive both transfer to Reclaim Fund Ltd and any subsequent reclaim. So, if an ISA is transferred to the Scheme and then subsequently reclaimed, interest earned will still benefit from its tax-exempt status. Payment of a reclaimed Cash ISA will not affect any other ISA allowances in the year of reclaim, subject to the reclaimed amount being kept with the same ISA manager (although a customer has the choice to subsequently transfer to a new provider of choice).