General
Dormant assets scheme: HM Treasury and DCMS consult on
expansion
HM Treasury and the Department for Digital, Culture, Media and
Sport (DCMS) have jointly published a consultation paper on expanding the dormant
assets scheme established under the Dormant Bank and Building
Society Accounts Act 2008. The consultation follows an industryled
report by four business leaders which made a
series of recommendations on how to broaden the current scheme
beyond bank and building society accounts.
The government is consulting on expanding the scheme to the
following sectors:
- insurance and pensions;
- investment and wealth management;
and
- securities.
Given the significant changes to the pensions landscape in
recent years and the government's commitment to pensions
dashboards, it is minded to exclude pensions from an expanded
dormant assets scheme at this stage. However, it encourages views
on this as part of the consultation process.
