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Bank Services

Treasury written question – answered on 25th March 2020.

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Photo of Sharon Hodgson Sharon Hodgson Shadow Minister (Public Health)

To ask the Chancellor of the Exchequer, whether the Government plans to review the purposes for which funds raised under the dormant assets scheme can be committed.

Photo of Sharon Hodgson Sharon Hodgson Shadow Minister (Public Health)

To ask the Chancellor of the Exchequer, if he will create a community wealth fund dedicated to improving outcomes for the most deprived neighbourhoods over the long term into which all new assets listed under the proposed expanded dormant assets scheme must be paid.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

As you may be aware, the Government recently launched a consultation on expanding the dormant assets scheme beyond bank and building society accounts to include a wider range of financial assets. That consultation set out the way that money from dormant assets is distributed, in line with the Dormant Bank and Building Society Accounts Act 2008.

The Act specifies that funds in England must be used for causes related to youth, financial capability and inclusion, or social investment. The scheme’s focus on creating impact in these three areas was agreed through a public consultation at its inception. It enables the scheme to create a lasting legacy, driving systemic change to address entrenched social issues and protects this impact from being diluted.

The scheme is based on voluntary industry participation and enjoys widespread support from the banks and building societies who continue to contribute to it. The Government currently has no plans to change how the distribution of dormant assets funding functions. This includes the causes to which the funds are directed.

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