About the Dormant Assets Scheme
The Dormant Assets Scheme (or “the Scheme”) was first established in 2011 through the Dormant Bank and Building Society Accounts Act 2008 with the aim of reuniting people with their financial assets.
Organisations who choose to participate need to demonstrate that they have taken extensive efforts to trace the original asset owners and reunite them with their money. Having done so, they can transfer the value of dormant assets to Reclaim Fund Ltd (RFL), the operator of the Dormant Assets Scheme.
RFL invests a portion of this money to ensure that people can always be reunited with their assets, at any point in future. The remainder is released to fund vital social and environmental initiatives across the UK.
The Scheme is voluntary, and was originally open to banks and building societies headquartered, or with a regulated entity, in the UK.
Participants in the Scheme
Since 2011, over 45 banks and building societies have joined the Scheme, including all of the high street banks. The Scheme is now being opened to new sectors in line with the Dormant Assets Act 2022, starting with Insurance and Pensions in June 2023, with other new sectors: Investments and Wealth Management, and Securities (shares and share proceeds in UK plcs) to follow.
Voluntary Participation
The Dormant Assets Scheme is, and will continue to be voluntary. Financial institutions can decide whether to participate in the Scheme and to what level. This means that even if they have chosen to participate, they have no obligation to transfer any or all of dormant assets that they hold.