Dormant Assets Distribution Fund

Department for Digital, Culture, Media and Sport written question – answered on 3rd September 2020.

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Photo of Judith Cummins Judith Cummins Labour, Bradford South

To ask the Secretary of State for Digital, Culture, Media and Sport, what estimate he has made of the value of the dormant assets that are planned to be transferred to the Dormant Assets Distribution Fund from dormant bank accounts in (a) financial year 2020-21 and (b) the next four financial years.

Photo of John Whittingdale John Whittingdale Minister of State

The dormant assets scheme is managed by Reclaim Fund Ltd (RFL), who estimate that £68m of new assets will be received by them in 2020, followed by £83m in 2021 and £54m in 2022. Estimates are not made beyond this point, but RFL anticipates that ongoing levels will remain broadly similar in 2023. It should be noted that the dormant asset scheme is voluntary and so estimates can vary over time.

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