We have amended our rules and guidance to enable dormant investment assets and client money to be available to the Dormant Assets Scheme (DAS).
Millions in dormant funds have been unlocked for charities and social enterprises, as new rules set out today facilitate the expansion of the Dormant Assets Scheme. This second phase of the expansion will bring dormant investment assets and client money in scope.
Led by industry and backed by government, the Dormant Asset scheme aims to reunite people with their financial assets. Where that is not possible, this money supports UK growth through good causes such as getting young people into work or offering affordable credit to families.
Since 2011, the UK Dormant Assets Scheme has unlocked more than £745m for social and environment initiatives, from over £1.35 billion in dormant bank and building society accounts. The expansion of the scheme is estimated to potentially unlock a further £880m.
This initiative not only reunites people with their lost money but also empowers local businesses to drive positive change across local communities.
The policy statement outlines technical changes in our Handbook to facilitate the full expansion of the Dormant Assets Scheme in the remaining expanded asset classes. The FCA’s intention is to ensure any Handbook changes allow firms to participate in the Dormant Assets Scheme and consumers to access reclaims.
Notes to editors
- Read PS24/10: Expansion of the Dormant Assets Scheme – second phase[1] (PDF)
- Find out more information about the FCA[2].