On 13 May 2022, the FCA published a consultation paper on expanding the dormant assets scheme (the Scheme).
The Scheme allows banks and building societies to pay dormant monies to an authorised reclaim fund which then puts this money towards funding good causes. The FCA has been working with HM Treasury and Reclaim Fund Ltd to expand the Scheme. In the light of this work, the FCA is proposing amendments to its rules and guidance to enable insurance, pension and securities firms to contribute dormant assets to an expanded scheme through a staggered approach to reflect differences between the different asset classes and their resolution processes.
Comments can be made until 17 June 2022 when the consultation closes.