The Government has today launched a consultation document outlining its proposals for dealing with dormant bank account assets, which include investing in projects to benefit society.
The document proposes bringing dormant account reclaim funds within the scope of the FSA's regulation as well as forcing building societies to publicly disclose information on dormant account funds they hold, as smaller banks are already required to do.
Ministers also want to be able to use dormant bank account funds to 'invest in society' until their owners are able to reclaim them.
Ian Pearson, economic secretary to the Treasury, says: "The Government is committed to carefully investing this unclaimed money back into society, while making sure that people can retrieve money they may have forgotten that they had.
"I want to welcome this consultation as a step towards delivering a scheme that is fair for bank account holders while benefiting good causes right across the UK."
Secondary legislation on dormant bank accounts and unclaimed assets is due to be introduced in Parliament later this year.
Contact: John Bakie, Tel: 020 7484 9805, e-mail: [email protected]IFAonline
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