It is believed that throughout the UK economy there is a significant amount of money that remains unclaimed or lost by its true owners
This issue was first addressed by the government in 2008 which led to the formation of the 'Dormant Bank and Building Society Accounts Act'.
The legislation required banks and building societies to trace account holders that had not been in contact for a number of years. Where contacts could not be re-established, the money held would be declared dormant and passed to a central fund used for good causes.
In December 2015, the UK Government built upon this initiative to form the 'Commission on Dormant Assets'.
In March 2017, the Commission on Dormant Assets published a new report
The Commission believes that this report will help to decrease levels of asset dormancy across financial sectors and businesses. It will look to increase the frequency of asset reunification and, where this isn't possible, recycle dormant funds to be used for key social issues.
What does the Commission's report say?
The Commission's report suggests that any expanded scheme should be voluntary and must provide a clear route of reclaim for any assets supported by a legitimate claim.
There are four key recommendations on:
