Adrian Smith, Chief Executive of Reclaim Fund Ltd – the FCA regulated organisation which works with industry and government to facilitate the dormant assets scheme – comments on the publication to the government’s response to the public consultation to expand the dormant assets scheme:
“As Reclaim Fund Ltd (RFL) starts our tenth year of operating, we welcome the government’s response to the consultation held in spring last year and its plans to legislate for the expansion of the Dormant Assets Scheme.
Including a wider range of assets, while remaining true to the fundamental principles of reunification, voluntary industry participation and the guarantee that customers can reclaim their funds in full at any point, will ensure that the responsible businesses who make up the financial services industry can offer consumer protection whilst benefitting communities across the UK. These principles have been the basis of the existing scheme and the reason for its continued success in providing vital funding to charities and social enterprises, especially in these most challenging times.
We would like to thank industry and government for their efforts over the last four years to bring scheme expansion to this stage. It truly is a milestone moment for RFL as we are proud to be named as the Scheme’s only intended authorised reclaim fund.
New legislation is now required to bring the expanded scheme to its full potential and in the meantime, we look forward to moving the plans forward for operational readiness in collaboration with industry, regulators and government.”
Adrian Smith, Chief Executive