In 2017, the Independent Commission on Dormant Assets recommended that a wider range of assets be included in the Dormant Assets Scheme. Following the Government’s response in 2018 to the Commissions’s report, four senior industry champions were asked to lead the development of recommendations for an expanded scheme.
Their 2019 report set out an industry blueprint for expansion which concluded that primary legislation would be
needed to expand the scheme.
RFL welcomes the proposal to expand the Dormant Assets Scheme maintaining its three core principles, which
were established among participating banks and building societies and will also underpin the proposed
Consumer protection is at the heart of the scheme: customers should always be able to reclaim the amount
that would be due to them had a transfer into the scheme not occurred. In February 2020, the government
launched a public consultation for wider views on the development plans for scheme expansion. The
consultation outlined government’s proposals on how assets from three additional sectors, namely insurance
and pensions, investments and wealth management and securities could be included.
In January 2021, the government published its response to the public consultation and during the State Opening of Parliament, May 2021, the Queen’s speech indicated the introduction of the Dormant Assets Bill which will form the legislation for scheme expansion. For further information please click here to view the Dormant Assets Information Guide.
Find out more about the existing schemes:
The Main Scheme
Facilitating larger banks and building societies to transfer money from their dormant accounts to RFL to fund good causes across the UK.
Dormant Assets Guide
Information about Dormant AssetsVIEW PDF
Baroness Barran MBE
Minister for Civil Society
The Dormant Assets Scheme is an excellent example of responsible collaboration between industry, government and civil society. To date, participating banks and building societies have transferred £1.35bn into the scheme, with £745m released to fund high-impact social programmes across the UK. The UK has long been at the global forefront of deploying dormant assets at scale and work is currently underway to expand the scheme to a wider range of financial assets enabling us to push this frontier even further.”
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