UK Charities to Benefit from 'Unclaimed Assets'
15 December 2008 at 1:34 pm
The British Parliament has passed a much debated new law allowing money from unclaimed assets in dormant bank accounts to be reinvested to help the wider community.
The Bill has been passed after more than 12 months of debate. Under the Act money from unclaimed assets would be distributed via Britain’s BIG Lottery Fund to youth services and financial capability and inclusion programs.
When the Bill was introduced into Parliament it was estimated that there is between £250 million and £350 million in banks and up to £150 million in building societies lying dormant.
The legislation allows this money to be re-invested while providing protection for consumers including a reclaim fund with industry commitment to maximise efforts to re-unite account holders with their lost accounts.
The Act can be downloaded here: http://www.opsi.gov.uk/acts/acts2008/ukpga_20080031_en_1