Ed Balls, Economic Secretary to the Treasury, has launched proposals to introduce an unclaimed assets scheme which would allow money laid dormant in bank and building society accounts for 15 years to be reinvested "in society".
Following the report by the Commission of Unclaimed Assets: ‘The Social Investment Bank’ which was published last week, the government has now outlined proposals which it says have the support of both the British Bankers' Association (BBA) and the Building Societies Association (BSA). The idea was raised by the Treasury in the March 2006 Budget so the 48-page consultation document now outlines details of the scheme, including the banks and building societies' proposed changes to the Banking Code and proposals for legislation. It proposes the new scheme will apply to bank accounts wher...
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