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The Government backed Commission for Unclaimed Assets has launched a consultation on how it plans to recover and spend the millions (if not billions) of pounds lying in dormant bank accounts.
Their consultation paper, "A Social Investment Bank" was published on 12th July sets out the preliminary findings and their vision of how unclaimed assets can be put to the most productive use.
Unclaimed assets are monies in financial institutions that have been untouched by their owners for a considerable period of time.
Countries including the US, Ireland, Australia, New Zealand and Spain have legal frameworks in place for putting these assets to productive use.
The Commission on Unclaimed Assets is an independent commission set up in November 2005 and chaired by Sir Ronald Cohen to propose recommendations for the UK.
In parallel, a British Bankers Association (BBA) and Building Societies Association (BSA) organised industry working group are developing proposals for a regulatory and legislative framework on dormant accounts, in consultation with the Government. This is still a work in progress. The Commission will review these proposals and will focus on three main issues:
Response must be made by 01 December 2006
A Social Investment Bank (pdf)
http://www.unclaimedassets.org.uk
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