Dormant Assets Scheme Strategy
This strategy sets out this government바카라 사이트檚 ambitions to broaden the reach and amplify the impact of the Dormant Assets Scheme.
Applies to England
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The Dormant Assets Scheme enables businesses to voluntarily transfer dormant assets to Reclaim Fund Ltd (RFL), an HMT arm바카라 사이트檚-length body and the Scheme바카라 사이트檚 administrator. Before doing so, firms need to make extensive efforts to trace and reunite the owners with their money; only when this is not possible, and the asset is unlikely to ever be reclaimed, can it be transferred into the Scheme. Even then, owners바카라 사이트� rights are still protected, with RFL taking on firms바카라 사이트� liability to repay customers if they later come forward to reclaim their money. As the Scheme is voluntary, businesses can decide if they want to join, how much they transfer, and whether they continue to participate.
Since its launch, the Dormant Assets Scheme has achieved remarkable success, surpassing initial expectations. It has garnered participation from most high street banks and building societies, along with firms from the insurance and pensions sector, realising 拢1 billion to address some of the country바카라 사이트檚 most pressing challenges聽 바카라 사이트� including breaking down barriers to work for disadvantaged young people, tackling problem debt, and creating the world바카라 사이트檚 first social investment wholesaler.
The Scheme exemplifies the transformative potential of collaboration among the public, private, and civil society sectors to drive meaningful change for communities across the UK. This partnership is critical for the delivery of the government바카라 사이트檚 Missions. With its expansion to three new financial services sectors expected to bring in an estimated 拢880 million over time, the Scheme serves as a blueprint for cross-sector collaboration in achieving large-scale, long-term systemic change.聽聽
This is an opportune moment to set out this government바카라 사이트檚 ambitions for the Scheme in order to broaden its reach and amplify its impact. We have considered the views of the public and key stakeholders, including current and potential participants in the financial services sector, and want to ensure that the Scheme바카라 사이트檚 strategic objectives are clear and align with the interests of everyone involved.
This government바카라 사이트檚 strategy for the Scheme is centered around three long-term objectives:聽
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Achieving long-term systems change through innovative programmes.
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Protecting the integrity of the Scheme and its funding.
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Becoming the best practice standard mechanism to deal with dormancy.
By setting out our strategic priorities and corresponding programmes of work over the next 4 years, we aim to improve service delivery, while strengthening accountability and alignment across the dormant assets ecosystem. Importantly, this strategy is designed to serve as a roadmap for stakeholders involved in the Scheme, complementing their individual strategies without superseding or replacing them.