Consultation opens
22/05/2023
Consultation closes
10/07/2023
Policy Statement
02/08/2024
02/08/2024
PS24/10: Expansion of the Dormant Assets scheme – second phase
We set out the final rules for the second phase of the Dormant Assets Scheme (DAS).
What we are changing
The Dormant Assets Act 2022 (DAA 2022) expanded the DAS to enable dormant assets in new sectors to be included in the Scheme. This expansion is being undertaken in 2 phases. The second phase, covered by this Policy Statement, covers investments and client money.
Who this is for
These rules will primarily affect:
- Reclaim Fund Limited (RFL)
- managers and depositaries of authorised collective investment schemes
- firms holding client money
They may also be relevant to insolvency practitioners, professional advisers, trade associations and consumer organisations.
Next steps
Following our rule changes coming into force on 2 August 2024, RFL will be able to accept contributions from the investment assets and client money sectors. Before any transfers can take place, RFL will need to put in place contracting agreements with participants and announce a start date for these expanded sectors.
Background
The Dormant Asset Scheme (DAS) allows banks and building societies to pay dormant monies to an authorised reclaim fund, to fund good causes. The Dormant Assets Act 2022 (DAA 2022) amends the Dormant Bank and Building Society Accounts Act 2008 to expand the scope of dormant assets that can be contributed to the DAS. We consulted on and made changes to our Handbook to enable Phase 1 expansion in August 2022. We consulted on the second phase in May 2023.