Just two weeks after the Dormant Bank and Buildings Society Accounts Act 2008 became law, cracks are beginning to emerge.
The British Bankers Association says the Act will enable as much as £400m of unclaimed assets to be ploughed into charitable causes, with youth projects being one of the main beneficiaries. The Building Societies Association puts the figure at £380m, with around £130m in building society accounts.
But the £380m to £400m figure could prove misleading. This is because a clause in the Act allows smaller financial institutions, with assets of less than £7bn a year, to divert money to a charity of their choice - young people-related or otherwise - rather than contribute to the central pot of unclaimed cash to be distributed by the Big Lottery Fund.
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