The UK Government has announced the expansion of the Dormant Assets Scheme, which is a major boost as the UK recovers from the coronavirus pandemic.
£800 million is set to be made available to communities across the UK by unlocking dormant assets across the insurance and pensions, investment, wealth management and securities sectors. Funding raised through the scheme’s expansion will enable continued support of good causes, social investments and environmental initiatives.
The expansion of the scheme marks the end of the Government’s four year review and public consultation process, and the responses to the consultation showed support for the expansion of the scheme from bank and building society accounts to include assets in the new sectors.
The UK Government intends to legislate for the scheme expansion and will continue to work with industry, regulators, and Reclaim Fund Limited.