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<p>As you may be aware, the Government recently launched a consultation on expanding
the dormant assets scheme beyond bank and building society accounts to include a wider
range of financial assets. That consultation set out the way that money from dormant
assets is distributed, in line with the Dormant Bank and Building Society Accounts
Act 2008.</p><p> </p><p>The Act specifies that funds in England must be used for causes
related to youth, financial capability and inclusion, or social investment. The scheme’s
focus on creating impact in these three areas was agreed through a public consultation
at its inception. It enables the scheme to create a lasting legacy, driving systemic
change to address entrenched social issues and protects this impact from being diluted.</p><p>
</p><p>The scheme is based on voluntary industry participation and enjoys widespread
support from the banks and building societies who continue to contribute to it. The
Government currently has no plans to change how the distribution of dormant assets
funding functions. This includes the causes to which the funds are directed.</p>
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