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To ask the Secretary of State for Digital, Culture, Media and Sport, pursuant to the press release, Dormant Assets Scheme bolstered by industry leaders, of 3 June 2018, how much and what proportion of the money reclaimed by the scheme has been used to fund financial inclusion; and how many people have benefited from that work.
In England, all funding released from dormant assets so far has been put towards social investment initiatives by Big Society Capital. However, in January 2018 the Department for Digital, Culture, Media & Sport committed to use £55 million from new tranches of dormant asset funding on financial inclusion in England. This money will be put towards increasing the use of fair, affordable and appropriate financial products and services. Following an ongoing engagement exercise, Ministers are expected to announce further details on how this will be used in summer 2018.