Unclaimed assets within the financial system: eleventh report of session 2006-07, report, together with formal minutes, oral and written evidence
The Stationery Office, Aug 6, 2007 - Business & Economics - 181 pages
Between £400 to £500 million is currently held in dormant bank and building society accounts in the UK where, for whatever reason, a financial institution has lost contact with an account holder. A large proportion of this money will never be reclaimed by its rightful owner. The Government, working with the banking industry, has therefore proposed the establishment of an unclaimed assets scheme to put these dormant accounts to productive use whilst continuing to recognise the ongoing rights of customers to reclaim their accounts at any stage. The Committee's report examines the proposed legislative framework for the scheme and its regulation, how to define and identify dormant accounts, the scope of the scheme, the proposed scheme to reunify customers with dormant accounts, a centralised national register for unclaimed assets, dormant accounts in building societies, the distribution of funds released from unclaimed assets, funding of a Social Investment Bank and local disbursement options.
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Defining and identifying dormant accounts
Scope of the scheme
National Register of Unclaimed Assets
Conclusions and recommendations
account holders Angela Eagle Balance Foundation Balls bank accounts Banking Code banks and building believe benefit Big Lottery Fund building society accounts Central Reclaim Fund Chairman Charity Bank Chisnall claim Coles Commission on Unclaimed Committee consultation consumers credit unions currently customer activity definition demutualisation deposit disbursement distribution dormant accounts Economic Secretary Ed Balls ensure estimate Fallon financial capability financial inclusion financial institutions financial services friendly society Fundraising going Government Grant Thornton HM Treasury identify individual industry Irish scheme issue Jim Cousins John Thurso Knight legislation lost accounts membership Memorandum submitted million Mudie National Savings NCVO NS&I owners Peter Viggers regulation release Republic of Ireland reunite Sir Ronald Cohen Social Investment Bank statutory Storey third sector transaction transfer Treasury UK Unclaimed Asset Unclaimed Asset Scheme Unclaimed Assets Register unclaimed policies voluntary and community voluntary scheme youth services