Subscribe to News
Close Search
 
MEDIA, JOBS & RESOURCES for the COMMON GOOD
News  | 

UK Charities to Benefit from 'Unclaimed Assets'


15 December 2008 at 1:34 pm
Staff Reporter
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.

Staff Reporter | 15 December 2008 at 1:34 pm


0 Comments


 Print
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



PB Careers
Get your biweekly dose of news, opinion and analysis to keep you up to date with what’s happening and why it matters for you, sent every Tuesday and Thursday morning.

Got a story to share?

Got a news tip or article idea for Pro Bono News? Or perhaps you would like to write an article and join a growing community of sector leaders sharing their thoughts and analysis with Pro Bono News readers? Get in touch at news@probonoaustralia.com.au or download our contributor guidelines.

 Print

Get more stories like this

FREE SOCIAL
SECTOR NEWS

Your email address will not be published. Required fields are marked *



YOU MAY ALSO LIKE

Action needed to fix the pandemic insurance gap for volunteers

Luke Michael

Tuesday, 14th July 2020 at 4:50 pm

Charity sector calls for JobSeeker to be raised permanently

Luke Michael

Tuesday, 14th July 2020 at 8:00 am

Pioneering child safe organisational change in Australia

Contributor

Tuesday, 14th July 2020 at 6:00 am

Forging the path of Indigenous philanthropy

Maggie Coggan

Monday, 13th July 2020 at 8:19 am

Subscribe to News
pba inverse logo
Subscribe Twitter Facebook
×

We need your help.

Since the outbreak of COVID-19, Pro Bono Australia has seen a devastating fall in advertising and less people posting on our job board, which is how we fund our free news service. You can show us that you value the work we do by making a contribution.

 Make a contribution 

You have Successfully Subscribed!