Dormant Assets Act gets Royal Assent

The Dormant Assets Act got Royal Assent on 24 February,  The Act expands the scope of “dormant assets” that has encompassed cash in bank and building society accounts since 2008 to include a greater range of assets. The 2022 Act also includes long-term insurance products, some pension assets, collective investment scheme assets, client money and proceeds or distributions from shares in public traded companies.  Firms must make attempts to reunite assets with their owners before passing them into the scheme. The Government estimates that of the £3.7bn of assets that are dormant, around £2bn will  be reunited with their owner, with the rest transferred to a reclaim fund.

Emma Radmore