Dormant Assets Scheme – Consultation Opens
18th July 2022
A public consultation opened on Saturday 16th July 2022 about how £738 million of dormant assets should be spent in England, potentially putting at risk the future flow of millions of pounds for social investment alongside financial inclusion and youth.
The Dormant Assets Scheme reunites people with lost financial assets, and, if the money remains unclaimed, uses it to back social and environmental initiatives across the UK.
The Consultation on the English Portion of Dormant Assets Funding, launched by the UK government’s Department for Digital, Culture, Media and Sport, comes as the Dormant Assets Scheme has been expanded to include not only bank accounts but also insurance, pensions and investments. This, the government estimates, will unlock around £880 million new funding for good causes across the UK. England receives just under 84% of this, which will be around £738 million in the coming years, says the government.
A coalition of nine social economy organisations, including Social Enterprise UK and Big Society Capital, launched a campaign last month to urge the government to back the Community Enterprise Growth Plan, which they described as a “once-in-a-decade opportunity” to accelerate the growth of social enterprise in deprived communities.
Consultation open for responses for 12 weeks following the enactment of the Dormant Assets Act 2022. Please respond before 23:45 on Sunday 9 October 2022.