In 2017, the independent Commission on Dormant Assets reported on the feasibility of including a wider range of assets in the dormant assets scheme.
Under the Dormant Bank and Building Societies Accounts Act 2008, only assets from the banking sector can currently be transferred into the scheme.
In its response to the Commission, the government emphasised that the expansion should be industry led, and asked industry champions to spearhead further work across four key sectors: banking, insurance and pensions, investment and wealth management, and securities.
The industry champions published their report in April 2019. The report was prepared in consultation with firms, Reclaim Fund Ltd, trade associations and regulatory bodies.
This report sets out an industry blueprint for an expanded scheme. It includes recommendations addressed to industry, the government and regulators, and covers both industry-wide ambitions and sector-specific details, in particular:
- the potential scope of an expanded scheme across industry;
- definitions of dormancy for each sector;
- other technical and practical considerations, including legislative; and
- regulatory implications, and the transfer and reclaim of assets.