Expanding The Dormant Assets Scheme

The Commission on Dormant Assets published a report last month which states that including shares and investment fund holdings within its scope could considerably increase the amount of money available for charities. The Commission's view is that the current scheme should be expanded to include a much wider range of financial assets, and it estimates that their inclusion could lead to an extra £1-2 billion of funding being transferred for the eventual benefit of good causes.

More than £1 billion has already been uncovered in dormant bank accounts and building society accounts since 2008. Through the Dormant Assets Scheme, an estimated £360 million has been directed to good causes. Because of the success of the current dormant assets scheme and the positive industry participation to date, the Government announced in late 2015 its intention to examine how to broaden the scope of the Dorman Assets Scheme and appointed a new Commission in 2016.