Reuniting assets with their original owners remains a priority for all industry sectors. Together with industry sector-specific tracing, verification and reunification efforts – the proposed expanded scheme would provide the added security that consumers will always be able to reclaim the value of their assets, as if they had never been transferred into the scheme. These proposals should ensure that consumers are never disadvantaged.
Kirsty Cooper, Group general counsel and company secretary at Aviva, and the Dormant Asset Scheme's Industry Champion for Insurance and Pensions said: “An expanded dormant assets scheme with new asset classes and greater industry participation would be a powerful force for good, both in enhancing the number of customers who are reunited with their assets and in supporting good causes.
“The other industry champions and I urge firms to respond positively to the government consultation. The current scheme has proved very successful and expanding it should provide vital benefits across the UK whilst preserving the rights of consumers.”
The proposed new asset classes include specific categories of investment and wealth management, security, insurance and potentially pension products. It builds on the existing successful scheme, facilitated by Reclaim Fund Ltd. The existing scheme has received £1.2bn from participating banks and building societies. To date, over £600m has been made available to good causes across the UK, supporting some of the most vulnerable members of our society.
In England, Big Society Capital has used £425m of dormant accounts money to attract significant co-investment, and made over £1bn available for charities and social enterprises that are addressing entrenched social challenges
£145m has been allocated to two new independent organisations, Fair4All Finance and the Youth Futures Foundation, to tackle the issues of financial exclusion and youth unemployment
In Wales, £28m has been allocated to youth projects providing training, education and employment services, and supporting projects relating to climate change
In Scotland, £49m has been allocated, with Young Start awarding £29.5m to 693 projects that seek to provide education and employment training opportunities for those in rural communities
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