Government plans for major expansion of dormant assets scheme to benefit good causes across the UK
Adrian Smith, Chief Executive of Reclaim Fund Ltd – the FCA regulated organisation which works with industry and government to facilitate the dormant assets scheme – comments on the government consultation:
“The success of the Dormant Assets Scheme in supporting good causes across the UK has been built on three core principles: prioritising consumer protection, voluntary industry participation and the guarantee that customers can reclaim their funds in full at any point.
I welcome today’s consultation which is an important chance to consider how the Scheme can potentially be extended to include a wider range of assets, while remaining true to these fundamental safeguards.
The Scheme provides a unique and carefully regulated channel for industry to collaborate with government and the third sector to support social investment and youth and financial inclusion initiatives. We are proud of the part that we have played over the last nine years as Scheme operator.
It is vital that industry takes this opportunity to share its views on the practical and technical considerations involved in the potential expansion, to help develop and deliver legislation which supports industry to participate in a Scheme which already makes a significant positive social impact.”
Adrian Smith, Chief Executive
