Reclaim Fund Ltd (RFL) can today announce that as of 30 March 2021, the RFL shareholding by Angel Square Investments (formerly known as The Co-operative Banking Group Limited) has been transferred to HM Treasury.
The Co-operative Group was approached by HM Treasury in late 2009 to support the Government and industry in establishing a reclaim fund to enable dormant account monies to be used for good causes following the enactment of The Dormant Bank and Building Society Accounts Act 2008.
Steve Murrells, Co-op CEO commented:
“We are proud to have seen the Reclaim Fund evolve since its formation in 2011 and to have witnessed the significant impact it has had in supporting thousands of local communities. The decision to transfer the ownership of Reclaim Fund to HMT is the right one, the Co-op Group has a clear strategy in place in terms of supporting its core business areas in the years ahead. We wish the Reclaim Fund every success going forwards and I want to thank our former colleagues for all their hard work over the years of Co-op stewardship, their efforts are truly recognised and valued.”
The change in ownership follows a review of RFL by the Office for National Statistics (ONS) in September 2019 and its decision to classify RFL to the Central Government subsector, effective from the date of RFL’s establishment. This classification means Reclaim Fund Ltd is a public body or an arm’s length body (ALB) of government. RFL has worked extensively with government and Angel Square Investments Ltd to respond to the ONS’ decision. Throughout the process, the priority has been to safeguard the effective operation of the Scheme now and in the future, including ensuring that plans for Scheme expansion are unaffected.
Adrian Smith, Chief Executive, commented:
“We would like to thank the Co-operative Group for their unwavering support and guidance over the last 10 years. We welcome the Government’s recognition that, operationally we should be- and be seen to be- independent of Government and it is reassuring that this element together with the voluntary nature of the scheme will endure. RFL remain dedicated to our mission to safeguard the rights of dormant asset holders whilst optimising the financial benefits for good causes, and to work closely with our participants to play our part in helping address social issue across the UK.”
Due to RFL’s new status as a public body, RFL has been categorised as a Non-Departmental Public Body (NDPB). This means that it remains legally incorporated with its own legal identity, acting at arm’s length from government and governed by a separate Board of Directors.