Reclaim Fund
Reclaim Fund Ltd (RFL) is a limited company owned by HM Treasury which operates the Dormant Assets Scheme (DAS) in the United Kingdom.[1][2][3]
RFL's role is to receive assets from financial institutions which are deemed to be dormant, where the accounts have not been accessed for a set period of time (normally 15 years or more) and owners cannot be traced.[4] RFL holds sufficient funds to guarantee any future reclaims of dormant assets,[5] with all surplus funds transferred to the National Lottery Community Fund for distribution to good causes.[6]
History
Following the Dormant Bank and Building Society Accounts Act 2008, the Cooperative Group agreed with the UK Government to establish a reclaim fund to hold dormant assets. RFL was subsequently created in 2011 to receive monies from dormant bank and building society accounts.[7]
In 2019 the Office for National Statistics (ONS) reclassified RFL as a public body. Following this decision, ownership of RFL was transferred to HM Treasury in 2021.[8]
The Dormant Assets Act 2022 expanded the scheme to also cover insurance and pension policies, investment and wealth management products and UK publicly listed shares.[9]
By 2023 RFL had received £1.6bn from dormant accounts, with £900m transferred to good causes and £700m retained to cover potential payments to owners reclaiming their dormant funds. It was predicted that a further £880m could be available to RFL following the 2022 Act.[10]
See also
References
- ↑ "Reclaim Fund Ltd". GOV.UK. 21 July 2022. Retrieved 4 July 2024.
- ↑ "Dormant Assets Scheme". The Investment Association. 12 July 2024. Retrieved 21 July 2024.
- ↑ "Reclaim Fund Ltd". Financial Conduct Authority. Retrieved 21 July 2024.
- ↑ "Dormant bank accounts: A complete guide". MoneySuperMarket. 1 March 2024. Retrieved 21 July 2024.
- ↑ "My forgotten bank account paid out 60 years later". BBC News. 27 February 2022. Retrieved 21 July 2024.
- ↑ "How the expanded Dormant Assets Act revolutionises financial planning". moneymarketing.co.uk. 3 January 2024. Retrieved 4 July 2024.
- ↑ "Co-op sets up Reclaim Fund". thebusinessdesk.com. 29 March 2011. Retrieved 4 July 2024.
- ↑ "RFL Moves to New Ownership Structure". reclaimfund.co.uk. 30 March 2021. Retrieved 4 July 2024.
- ↑ "'Significant moment' as Aviva becomes first participant in Dormant Assets Scheme". pensionsage.com. 5 June 2023. Retrieved 4 July 2024.
- ↑ "Time to put dormant assets towards good causes". Association of British Insurers. 5 June 2023. Retrieved 21 July 2024.
External links
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