The Dormant Assets Bill received Royal Assent on 24 February, paving the way for the scheme’s expansion.
The expanded scheme will use dormant funds from insurance, pensions, investment and wealth management, and securities sectors, with this expected to release a further £880 million.
The first priority will continue to be reuniting people with their financial assets. Where this is not possible, more businesses will be able to voluntarily transfer dormant assets to Reclaim Fund Ltd. People will still be able to reclaim their assets in full at any time.
To read more click here