Lawrence Weiss appointed as new Chair of Reclaim Fund Ltd
Lawrence Weiss has been appointed as Chair of Reclaim Fund Ltd (RFL), by Andrew Griffith, the Economic Secretary to the Treasury.
RFL is operator of the Dormant Assets Scheme. It is a not-for-profit public body owned by HM Treasury.
Lawrence joins RFL following a career spanning the public and private sector. Most recently, he was on the Board of UK Export Finance, the UK’s credit export agency, including Chair of the Audit Committee. During his executive career, Lawrence was CEO of Bank Leumi (UK) plc until 2014. Prior to this, he spent 19 years at Glencore UK, latterly as Chief Global Credit Risk Officer for the company’s Energy Group.
Lawrence will take up the role on 11 July 2023, on a 3-year term, taking over from the incumbent Chair, Jane Hanson CBE, who will continue as Chair of the Dormant Assets Expansion Board.
Andrew Griffith, The Economic Secretary to the Treasury, said:
‘I am delighted to welcome Lawrence Weiss as the new Chair of Reclaim Fund Ltd. Lawrence joins RFL at a particularly important time as the Scheme expands into new sectors. His experience and leadership will be a great asset for guiding the RFL board in the coming years, ensuring the continued success of the Dormant Asset Scheme.
Lawrence Weiss, the new Chair of RFL, said:
“I am honoured to join RFL and look forward to working with Adrian, the Board and the wider team at an exciting time as we build on the Scheme’s success to date and progress expansion to new asset classes. I am deeply indebted to Jane for all she has done for RFL and the Dormant Assets Scheme. I am delighted to have the opportunity to work with her through her continued leadership of the Dormant Assets Expansion Board.”
Adrian Smith, CEO of RFL said,
“We are delighted to welcome Lawrence to Reclaim Fund. He joins the organisation at an exciting time as we progress Scheme expansion, building on the fantastic legacy of his predecessor Jane Hanson, who has done so much for RFL and the Dormant Assets Scheme. We know that Lawrence’s experience and insights will help shape the next chapter of RFL’s journey, so we can unlock even more value for good causes across the UK, whilst protecting the rights of consumers to reclaim their money at any time.”
Further information
RFL is operator of the Dormant Assets Scheme. It is a not-for-profit public body owned by HM Treasury. RFL is an independent legal entity, acting at arm’s length from the government with a separate Board of Directors. RFL is FCA-regulated, with the rights of dormant asset holders guaranteed by the UK Government.
The Dormant Assets Scheme was first established in 2011 through the Dormant Bank and Building Society Accounts Act 2008 as a voluntary scheme for UK banks and building societies. In 2022, the Dormant Assets Act 2022 enabled RFL to expand the Scheme to additional sectors and asset classes.
RFL guarantees future reclaims and transfers surplus funds to social and community initiatives via the National Lottery Community Fund.
Over 41 banks and building societies have joined the Scheme and transferred nearly £1.7 billion in dormant assets to RFL, of which nearly £900 million has been distributed to good causes.