Cash In Dormant Accounts Siphoned For Good Causes

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Good causes may benefit from a donation of billions of pounds from untouched pensions, savings and investments squirrelled away and forgotten in the UK finance system.

The government wants to give the money to charity and community groups to spend on worthwhile projects.

At least £2 billion is lying dormant in banks, building societies, pensions and other investments, according to industry estimates.

Current dormant account rules allow money in accounts untouched for 15 years to go towards good causes.

The owner can return and claim the cash at any time – even if someone has spent the money.

Expats missing millions of pounds

The government wants to revamp the dormant accounts process by netting more assets in the scheme. The plan is to include add pensions, bonds, stocks and shares.

The new scheme will also boost efforts to reunite account holders with their money – and many of those suspected to be missing their cash are expats who have moved overseas and left open accounts containing small sums of money behind.

John Glen, Economic Secretary to the Treasury, said: “We introduced the dormant assets scheme with the aim of changing the lives of millions of people across the country through good causes. But without the support of businesses, the scheme wouldn’t be what it is today.

“I’m delighted that these highly-experienced business leaders have agreed to be our new industry champions. Their expertise will be vital as we look at ways to expand the scheme, and I look forward to working with them to reach even more people.”

Industry champions looking for cash

The Department of Culture, Media and Sport manages the scheme and intends to appoint four industry champions to carry out the expansion.

Tracey Crouch, Minister for Sport and Civil Society, said: “The dormant assets scheme has made a real difference to people’s lives across the country, with half a billion pounds already unlocked for good causes since 2011.

“I look forward to working alongside these four experts to see how more unclaimed assets can be used to help communities in the future.”

The finance industry has set up several ways to help people find lost accounts.

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