The UK government's Department for Culture, Media and Sport has published the Dormant Assets Parliamentary Review for the period from February 2022 to February 2025 in accordance with the Dormant Assets Act 2022. The review considers the expansion of the UK Dormant Assets Scheme, which allows firms to pay dormant monies to an authorised reclaim fund to fund good causes. Previously, the Scheme was available only to banks and building societies, but has been expanded to include the insurance and pensions, investment and wealth management, and securities sectors. Overall, the review found that the Scheme continues to deliver operational value and prioritise customer protection, but progress to operationalise the expanded scope of the Scheme has been slower than expected. This had been mainly due to barriers which relate to the expansion to the investment and wealth management sector which have now been resolved; in particular, certain UK regulatory rules which have now been amended, and a voluntary requirement that prohibited the authorised reclaim fund from accepting dormant investment assets which was lifted in January 2025. The review also presents data in relation to the transfers into, and payments out of, the Scheme over the relevant period. The next report will be laid in Parliament by February 2030.
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