Britain’s financial watchdog, the Financial Conduct Authority (FCA), has expanded the scope of the UK Dormant Assets Scheme (DAS) to include dormant investment assets and client money, potentially unlocking an additional £880 million ($1.12 billion) for social and environmental projects.
Since its inception in 2011, the DAS has already released over £745 million ($948.68 million) from dormant bank and building society accounts.
Our proposals should result in an increase of funds being released to support good causes from investment assets and client money assets that are transferred to the DAS
The FCA said in its final policy statement
The recent expansion is expected to generate around £240 million for various initiatives, aiding the new Labour government amid tight public finances. The scheme, which allows financial firms to transfer unclaimed funds to a reclaim fund for distribution, aims to reunite people with their lost money while supporting UK growth through projects like youth employment and affordable credit.
The FCA’s policy statement ensures smooth participation in the scheme and easy access to reclaims for consumers.
The Government has estimated that around 240 million pounds in total will be made available from the expansion of the DAS to fund social and environmental initiatives
The FCA
