//The Scheme / FAQs
The Scheme / FAQs2020-11-14T16:21:09+00:00


If you have any questions regarding who we are and what we do, please take a look at the most frequently asked questions below.

Reclaim Fund Ltd (RFL) is a not-for-profit organisation, authorised and regulated by the Financial Conduct Authority (FCA) to receive and invest dormant account balances from banks and building societies who choose to join the scheme, holding sufficient monies for future repayments for customers and transferring surplus funds for reinvestment in the community.

RFL has no direct relationship with Big Society Capital and is a different organisation. RFL transfers dormant account balances to The National Lottery Community Fund (previously known as Big Lottery Fund) for distribution to good causes across the UK. There are four recipients of the English proportion, one of which is Big Society Capital who utilise the funds for social investment.

RFL was set up on behalf of the industry, following the Dormant Bank and Building Society Accounts Act 2008. RFL manages the unclaimed assets scheme in an open and transparent way, governed by a separate board of directors and regulated by the FCA. Co-operative Bank plc is among the banks participating in the scheme and therefore transfers money from its dormant accounts to RFL, in common with other participants.
RFL does not choose which good causes to support. That is a matter for Government
RFL always retains enough money to meet any claims from customers who come forward. However, customers will continue to deal with their bank or building society in the normal way, not with RFL.
Customers should contact their bank or building society in the normal way or visit www.mylostaccount.org.uk.  They should not contact RFL because RFL does not hold any customer data.

In the early stages, RFL followed guidelines which were carefully drawn up by the Financial Services Authority to ensure a prudent approach to determining how much is appropriate to transfer to The National Lottery Community Fund (previously known as Big Lottery Fund). The guidelines take into account information provided by banks and building societies about the dormant accounts. Over time, our assessment of how much we can release for distribution to good causes will be informed by our experience of reclaims by holders of dormant accounts.  As we still have limited historical data to help us, we have made cautious provisions to meet such reclaims.

RFL exercises prudence in making low-risk investments with the money it retains.