The foundation of the Dormant Assets Scheme
The Banks and Building Societies sector is where the Dormant Assets Scheme began, and it remains one of its greatest success stories.
Launched in 2011, Reclaim Fund Ltd was first established to unlock dormant bank and building society accounts, setting the blueprint for how forgotten funds could be put to work for society while fully protecting account holders' rights.
15 years on, the sector continues to lead the way, demonstrating how voluntary participation can deliver lasting social impact at scale.
A proven model, trusted by leading institutions
All of the UK’s major high street banks and building societies are already participating in the Scheme, including:
- Nationwide
- Lloyds Banking Group
- Santander
- Barclays
- HSBC
- NatWest Group
Their involvement reflects a shared commitment to responsible stewardship, customer protection and meaningful social impact. By choosing to partner with RFL, firms have helped turn forgotten money into a powerful force for good across the UK.
Watch the video to hear from Tom Riley, Director of Retail Products at Nationwide Building Society, who have been a participant since the Scheme's inception.
Eligible assets
Dormant bank and building society accounts, including those held within a Cash ISA and suspense accounts, are eligible for the Dormant Assets Scheme. An unclaimed account is defined as dormant after there have been no transactions for 15 years.
Reunification is always the priority, and the Scheme allows firms to keep their vital customer relationships and guarantee their right to reclaim.
Turning dormant money into lasting impact
Dormant assets unlocked through the Banks and Building Societies sector have played a vital role in tackling some of the UK’s most pressing social challenges.
Through the Dormant Assets Scheme, RFL has been able to release over £1 billion to good causes such as:
- Supporting young people in expanding their enrichment and employment opportunities
- Improving financial inclusion and resilience
- Backing social enterprises and charities to grow sustainably
By pooling together many small dormant balances, the Scheme generates funding large enough to support system-wide change – delivering impact that is tangible and long-lasting.
In making the Dormant Assets Scheme part of their ESG credentials, firms can show their customers, staff, and shareholders that they are making a genuine contribution to society.
Working in partnership with participants
The success of the Scheme is underpinned by strong, collaborative relationships between participating firms and RFL. From large multinationals to small community-based banks, RFL work closely with Banks and Building Societies to support a smooth journey to participation, tailored to each organisation’s systems and processes.
These relationships continue well beyond the initial onboarding. RFL maintain ongoing, trusted partnerships with our participants, supporting regular transfers and reclaims over time.
Tom Riley, Director of Retail Products, Nationwide
Participating in the Dormant Assets Scheme is an important way for Nationwide to build trusted relationships with our customers – our members – while supporting important social causes. Reuniting customers with dormant funds is our first priority, but where this is not possible, the Scheme enables these funds to be used to do good, whilst making sure that they are available for reclaim at any time in the future.
Further reading
The Alternative Scheme
The Alternative Scheme enables the participation of smaller Banks and Building Societ
Insurance and Pensions
In 2023, Reclaim Fund Ltd opened the Dormant Assets Scheme to include long-term Insur
Investment and Wealth Management
In 2025, Reclaim Fund Ltd opened the Dormant Assets Scheme to Investment and Wealth M