Under the Dormant Bank and Building Society Accounts Act 2008, dormant assets funding in England is required to be spent on three causes: youth support, financial inclusion and social investment.
As the recovery from the Covid-19 pandemic continues, as well as cost-of-living pressures, the government has decided to review whether these remain the right causes for where funding from dormant assets can be allocated.
Over the past decade, hundreds of youth organisations have benefited from funding through the scheme, which has been used to fund a number of youth-related programmes.
What is the Dormant Assets Scheme?
Dormant assets are financial assets, such as bank accounts, that have been untouched for a long period. The Dormant Assets Scheme is led by the financial services industry and backed by the government with the aim of reuniting people with these financial assets. Where this is not possible, the scheme unlocks this money for social and environmental initiatives.
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