#AceFinanceNews – Mar.03: Charities and communities could be in line for a windfall after up to £2-billion was found in dormant stocks and shares.
An investigation has identified unclaimed assets including insurance policies, investment portfolios and pensions that could be distributed to good causes across the UK.
Charities set for £2bn funding from dormant accounts
Cash languishing in dormant savings accounts and other unclaimed assets could be spent on good causes.
Minister Rob Wilson said the money could change millions of lives.
The dormant accounts scheme has already identified £1bn of dormant cash, with £360m distributed to good causes.
The Independent Dormant Assets Commission was set up in 2015 to look at whether the current dormant asset scheme covering unused bank and building society accounts should be expanded.
Owners’ sought
The group’s report identified further untapped assets, including £715m from investments and wealth management, £550m from the pensions and insurance sector, £150m from securities, and £140m from banks and building societies.
Ministers will consider the commission’s findings, but if they decide to follow its recommendations to expand the dormant assets scheme and distribute the cash, charities could be in line for a significant funding boost.
Cash would only be distributed after attempts to reunite the money with its rightful owner after a specified term had elapsed.
Civil Society Minister Rob Wilson said: “This money could help change millions of lives across the country by helping good causes rather than gathering dust in dormant accounts.
“The reason I set up the commission was to unearth new resources that would allow our charities and voluntary groups to become more sustainable and independent. But crucially, also to deliver really important local services over the long term.”
Reducing isolation
The commission’s chairman, Nick O’Donohue, said: “The commission believes that there may be up to £2bn worth of assets lying dormant across a number of financial industries and products.
“With the support of the financial services sector, we believe it is possible to reunite many of these assets with their owners and, where this is not possible, to free up substantial incremental funds for good causes in the UK.”
Organisations that have already benefitted from the current dormant accounts scheme include, Age UK’s Reconnections programme in Worcestershire, which works to reduce loneliness and isolation in the area, and London’s Think Forward group, which provides disadvantaged young people with opportunities in education, training and employment.
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