The Government has announced a major expansion of the Dormant Assets Scheme to support the UK as it recovers from the coronavirus pandemic.
The scheme, which allows banks and building societies to donate funds to good causes and charities from dormant accounts, will now include assets from the insurance and pensions, investment, wealth management, and securities sectors. More than £800 million will be made available to continue supporting urgent work to tackle youth unemployment, expand access to emergency loans for civil society organisations and help improve the availability of fair, affordable credit to people in vulnerable circumstances.
Since 2011, 30 banks and building societies participating in the current scheme have enabled the release of over £745 million from dormant accounts that have been inactive for at least 15 years. These funds have been used to support a range of social and environmental initiatives across the UK, including helping young people on the path to employment, tackling financial exclusion, growing the social investment market, and supporting renewable energy solutions.