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The government has launched a public consultation that is likely to lead to millions of pounds’ worth of unclaimed financial assets going to “good causes”.
The proposals will widen the use of unclaimed dormant assets from bank and building society accounts to other products related to insurance, investment management and securities, the Civil Society website reports.
Under the current scheme, unclaimed funds are held by Reclaim Fund Ltd, which holds enough money to cover any claims from the public and then distributes the surplus to the National Lottery Community Fund.
So far more than £600m has been redistributed to good causes.
Baroness Barran, minister for civil society, said: “The dormant assets scheme is making a real difference to people across the nation. This includes helping to tackle youth unemployment, addressing financial exclusion and growing the social investment market.”
“That’s why we are now seeking views on expanding the scheme to include even more unclaimed assets, in a way that continues to protect customers whilst potentially unlocking millions more pounds for good causes.”
Over £400m from the original scheme was been used to establish Big Society Capital, the independent financial institution that was launched in 2012 with the aim of growing the social investment market in the UK.
John Glen, economic secretary to the Treasury, added: “By expanding [the scheme] beyond bank accounts to include assets like insurance products, we will be able to unlock even more funds for worthy causes up and down the country.”