William Eichler 11 January 2021

Expansion of Dormant Assets Scheme to potentially raise £800m

Expansion of Dormant Assets Scheme to potentially raise £800m image

The Government has announced that dormant assets are set to be unlocked, with the potential for more than £800m to be made available to support the recovery from the coronavirus pandemic.

The expansion of the Dormant Assets Scheme, which now includes assets from the insurance and pensions, investment and wealth management, and securities sectors, marks the completion of a four-year review and public consultation process.

Dormant assets are assets that a firm is unable to reunite with its rightful owner. The Dormant Assets Scheme was devised to encourage banks and building societies to identify dormant assets and to make reasonable efforts to reunite those assets with their owners.

The funding that will be available with the scheme’s expansion will be able to support 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.

Oliver Dowden, secretary of state for Digital, Culture, Media and Sport, said: ‘Funds raised through the existing Dormant Assets Scheme have already made a huge difference to vulnerable people and communities across the UK, especially during the pandemic.

‘Expanding the scheme will mean hundreds of millions more for good causes, helping us to build back stronger in the years to come.’

SIGN UP
For your free daily news bulletin
Highways jobs

Interim Head of Fostering

Tile Hill
Negotiable day rate
We are working with a local authority client in London who is looking for an Interim Head of Fostering, the local authority was last inspected as “... London (Central), London (Greater)
Recuriter: Tile Hill

Interim Head of Children in Care and Care Leavers

Tile Hill
Negotiable day rate
We are working with a local authority client in London who is looking for an Interim Head of Children in Care and Care Leavers, the local authority... London (Central), London (Greater)
Recuriter: Tile Hill

Head of Regeneration and Economy

City of York Council
£59,593 - £68,094
York is a wonderful place to live and work and it is quite rightly famous across the globe. York, North Yorkshire / Hybrid
Recuriter: City of York Council

Clinical Lead, North Essex

Essex County Council
Negotiable
Clinical Lead, North EssexPermanent, Full TimeUp to £57,869 per annumLocation
Recuriter: Essex County Council

Assistant Director Legal,&Governance/Monitoring Officer

Rochdale BC
£70,340 - £81,589
The Assistant Director role has breadth of responsibility beyond legal services incorporating Constitutional and Democratic Services Rochdale, Greater Manchester
Recuriter: Rochdale BC

Partner Content

Circular highways is a necessity not an aspiration – and it’s within our grasp

Shell is helping power the journey towards a circular paving industry with Shell Bitumen LT R, a new product for roads that uses plastics destined for landfill as part of the additives to make the bitumen.

Support from Effective Energy Group for Local Authorities to Deliver £430m Sustainable Warmth Funded Energy Efficiency Projects

Effective Energy Group is now offering its support to the 40 Local Authorities who have received a share of the £430m to deliver their projects on the ground by surveying properties and installing measures.

Pay.UK – the next step in Bacs’ evolution

Dougie Belmore explains how one of the main interfaces between you and Bacs is about to change.