Major expansion of dormant assets scheme set to provide a £800m UK recovery boost

Click to read the article in full.  

More than £800m in dormant assets across the insurance and pensions, investment, wealth management, and securities sectors are set to be unlocked to support the UK’s recovery from the pandemic.

The UK Government had announced a major expansion of the Dormant Assets Scheme, currently covering banks and building societies, following the completion of a four year review and public consultation process.

The responses showed widespread support for expanding the scheme from bank and building society accounts to include assets in these new sectors.

The priority will continue to be locating and reuniting people with their financial assets.

However, where that is not possible, more businesses will now be allowed to participate voluntarily in transferring dormant

 link source - Business Live News

Continue reading this article at the original source Here