Published: 11th Jan 2021

The government has announced it is to expand a scheme, which uses money left dormant in bank accounts for decades to support good causes. The Dormant Assets Scheme was first launched in 2011 and utilises cash from bank and building society accounts, which have been inactive for at least 15 years. According to the government, 30 banks and building societies have participated in the current scheme, raising £745m. And now ministers have said the scheme will be expanded across the insurance and pensions, investment, wealth management, and securities sectors. The Department for Culture, Media and Sport estimate more than £800m could be made available through the extension to help young people on the path to employment, tackle financial exclusion and supporting renewable energy solutions. More than £425m recovered through the Dorman Assets Scheme has been used to establish Big Society Capital. To date, over 1,200 social enterprises and charities have received … (To read the full article, subscribe below)