One of the articles we are adding to our printed newsletter shortly covers the announcement by government that they are expanding the dormant assets scheme to include not only bank accounts but also stocks, shares, pensions or bonds.
Under the current Dormant Accounts scheme, bank or building society accounts that have been left completely untouched for more than 15 years could be used for good causes. Customers are still able to reclaim any asset that has been classed as dormant at any time.
So-called industry champions will work with the banking, securities, pensions, insurance, wealth management and investment sectors to increase the amount of dormant funds that can be released for good causes.
They will also bolster efforts to reunite customers with assets from bank accounts that have been untouched for more than 15 years.
The four industry champions are:
- Insurance and Pensions Industry Champion – Kirsty Cooper, group general counsel and company secretary at Aviva
- Banking Industry Champion – Simon Kenyon, managing director of consumer banking at Lloyds Banking Group
- Investment and Wealth Management Champion – William Nott, strategic adviser to M&G
- Securities Champion – Robert Welch, group company secretary at Tesco
According to recent press commentary, hundreds of millions of pounds of dormant bank deposits have already been distributed to good causes across the UK. These recent changes to the scheme should see more people reconnected with forgotten assets and an increase in monies distributed to charities.
At Informanagement we not only provide useful news that we send to your clients regarding these sorts of issues, we also provide updates on changes to tax and other compliance obligations as they occur and make this available to your partners and staff.
If you take advantage of this service, it should at least relieve the pressure to keep all parties up-to-date.
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