 What are Unclaimed Assets? |
There are many types of unclaimed financial assets, the initial focus of the commission will be on retail accounts held by individuals. These are mostly small amounts that have been left in bank accounts that have been forgotten. The owner may have died and their executor was unaware of the details, or a couple have divorced and forgotten their joint account for bills. Adults can easily forget to change their address on an account when they move, and after a few years it can easily be forgotten. While this money will always be available to its rightful owner, much of it will never be claimed, and therefore a substantial amount is available to be put to the public good.
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| What is the purpose of the commission? |
| The purpose of the Commission on Unclaimed Assets was to recommend a framework for dealing with dormant accounts in the UK and potentially in the future other unclaimed financial assets. This includes ensuring as many people as possible are reunited with their money, developing a legal and regulatory framework, and recommending a plan for how any remaining funds can be used productively to support young people and disadvantaged communities. |
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| When does it report? |
| The Commission published its final reports in 2007. They can be downloaded here. |
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| Who are the members of the commission? |
| Please see the Commission section for a list of Commissioners and their biographies. |
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| Is there any international precedent for working with Dormant Account money? |
| Frameworks exist in many countries including the US, Canada, Australia, New Zealand, Ireland and Spain, some dating back to the 1920s. The most recent legislation occurred in Ireland in 2001. |
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| Does this mean I should make sure I find my money now, before it is too late? |
| There is no time limit for getting your money back. Your money will stay yours forever. The Commission will be recommending a framework for making it easier for people to be reunited with their money, not for taking it away. If you have an account that you have not accessed for a long period, it is a good idea to get in touch with the bank or building society holding it and ensure that they have your correct contact details. If you have experiences, good or bad, of trying to reawaken an old account, we would be very interested in hearing more about them. |
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| Who did the Commission consult to come up with its recommendations? |
| The Commission engaged a broad range of stakeholders including government, banks and building societies, consumer groups, funders in the community sector, charities and the voluntary and community sectors to develop its proposals. Final reports based on this extensive consultation can be found here. |
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| Who set up the commission? |
| The Commission is an initiative of the Scarman Trust, working in partnership with the Treasury, the Department of Communities and Local Government and the Home Office (now relocated to the Cabinet Office). It is independent and majority funded by a range of charitable foundations. |
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