Who leads the Dormant Assets Scheme and what is its aim?

The Dormant Assets Scheme is led by industry and backed by the government with the aim of reuniting people with their financial assets. Where this is not possible, this money supports important social and environmental initiatives across the UK.

What is a Dormant Asset?

A dormant asset is a financial product, such as a bank account, that has not been touched for a long time. Currently, assets in scope of the Scheme come from the banking, insurance and pensions, investment and wealth management, and securities sectors.

How are funds distributed to social and environmental initiatives?

Funds are held by Reclaim Fund Ltd, which administers the Scheme, and retains a portion of assets transferred into the Scheme to meet any subsequent reclaims. Reclaim Fund Ltd distributes the surplus to The National Lottery Community Fund, which channels funds to organisations across England, Scotland, Wales and Northern Ireland for social and environmental initiatives

Do members of the public ever lose the rights to their money and how can you trace lost accounts and savings?

Customers should contact the business that held their funds first, or they can use services such as MyLostAccount to help them trace it

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What initiatives have been funded by the Scheme?

In England to date, the Scheme has unlocked £100 million to tackle financial exclusion and problem debt through Fair4All Finance; £110 million to break down barriers to work for young people through Youth Futures Foundation; and £485 million for social investment through Big Society Capital and Access – the Foundation for Social Investment.

 In Wales, £37.7 million of dormant assets funding has supported a variety of projects, including investing £16.3 million in young people, learning, education and employment; and £4.9 million in climate change action. Sustainable Steps Wales will invest a further £16.95 million over the coming 18 months.

In Scotland, £67.2 million of dormant assets funding has been allocated through the Young Start programme. Young Start has made over 950 grants of up to £100,000 to voluntary and community organisations for projects led by young people, which help them become more confident and realise their own potential.

In Northern Ireland, dormant assets funding will be used to provide multi-year flexible funding to increase the capacity, resilience, and sustainability of the voluntary, community, and social enterprise sector through a £22.4 million fund.