Four business leaders have been appointed by the government to expand and develop the dormant assets scheme, Tracey Crouch, Minister for Sport and Civil Society and John Glen Economic Secretary to the Treasury announced yesterday.
Bank or building society accounts that have been left completely untouched for more than 15 years can be used for good causes under the current dormant account scheme.
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While customers can reclaim any asset in their bank or building society that has been classed as dormant at any time, the Independent Dormant Assets Commission has recommended that the scheme be extended to include assets such as pensions and insurance, securities and investments.
The four industry heavyweights will also increase efforts to reunite customers with assets from bank accounts that have been untouched for more than 15 years.
When customers don’t come forward or can’t be contacted, the four industry leaders will work with the banking, securities, pensions, insurance, wealth management and investment sectors to increase the amount of money that can be released for good causes from dormant funds.
Kirsty Cooper, group general counsel and company secretary at Aviva, has been appointed the insurance and pensions industry champion, while Simon Kenyon, managing director of consumer banking at Lloyds Banking Group will be the new banking industry champion.
William Nott, strategic adviser to M&G, will be responsible for investment and wealth management and Robert Welch, group company secretary at Tesco will seek to improve claims and money to good causes in the securities sector.
Each champion will work with stakeholders and Reclaim Fund Ltd, the body responsible for channelling money in dormant accounts to good causes, on the expansion plans and will report to ministers.
Recent examples of good causes supported by money from dormant accounts includeReconnections, a service to reduce loneliness and social isolation in Worcestershire, and Centrestage, which delivers music drama and dance projects and activities across Ayrshire to over 2,500 participants weekly.
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Tracey Crouch, minister for sport and civil society, says: “The dormant assets scheme has made a real difference to people’s lives across the country, with half a billion pounds already unlocked for good causes since 2011.
“I look forward to working alongside these four experts to see how more unclaimed assets can be used to help communities in the future.”
If you think you may have money sitting in dormant accounts, visit Mylostaccount.org.uk, a free service that helps you trace money lost or forgotten in dormant accounts.