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A new independent Commission to review how a multi billion pound windfall from unclaimed financial assets can boost communities has been established.
The Commission on Unclaimed Assets launched today will review how billions of pounds of unclaimed assets can be reclaimed by their owners or channelled to benefit communities right across the UK.
Over the past two years leading members of the Government have signalled their determination to act on the issue of unclaimed assets - savings and other forms of investments that lie unclaimed for years and sometimes even decades. The total size of the unclaimed assets is unknown, but it is thought the figure may top £5bn for dormant accounts at British banks alone. It has been claimed in recent years that the banks have been exploiting these funds to help boost their profitability.
The Commission has been initiated by the Scarman Trust and backed by seven other charitable foundations, including the Rowntree Foundation and Carnegie Trust. The Commission will act as an independent catalyst to ensure that Britain reaps the maximum benefits from these unclaimed funds.
The Chancellor, Gordon Brown, has outlined the government's policy on unclaimed assets in his Pre Budget Statement on 5 December 2005. The UK financial services industry, meanwhile, has mooted a potential figure of £1bn in unclaimed bank and building society accounts in response to the Government drive for action.
Commission Chairman, Sir Ronald Cohen commented:
Our first concern must be to re-unite consumers with their money wherever possible. This should be made as simple and as free to do as possible, with every penny of accrued interest fully reimbursed. Based on experiences elsewhere in the world, we would expect that around six out of ten dormant account holders will get their money back in a short period of time. For that high proportion of people, our aim is both to publicise this important consumer issue and to devise effective systems for the return of these funds to their rightful owners.
Commission Secretary Matthew Pike added:
The Commissioners are:
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