HM Treasury

Consultations & legislation

A UK unclaimed assets scheme - summary of responses to consultation

As announced in the 2005 Pre-Budget Report, the Government has been working together with the bank and building society sector to design a scheme to allow money in dormant bank and building society accounts to be reinvested in society, while protecting consumers' rights to reclaim their money. The 2005 Pre-Budget Report also announced that the money should be reinvested in the community, with a focus on youth services that are responsive to the needs of young people, and also on financial education and exclusion.

The Government published two consultation documents on the proposed scheme. The consultation exercise had two stages. In March 2007, HM Treasury published the first consultation document, “A UK unclaimed assets scheme: a consultation” which dealt with the overall structure of the proposed scheme. This consultation closed on 12 June 2007. In May 2007 HM Treasury and the Office of the Third Sector published a joint consultation, “Unclaimed Assets distribution mechanism: a consultation”, setting out proposals for the effective distribution of unclaimed assets across the UK. This consultation closed on 9 August 2007.

A summary of replies to the questions raised in both consultations and the Government’s response is provided together in ‘A UK unclaimed assets scheme: summary of responses to consultation’.

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