Question

Department for Digital, Culture, Media and Sport written question – answered on 19th May 2021.

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Photo of Robert Largan Robert Largan Conservative, High Peak

To ask the Secretary of State for Digital, Culture, Media and Sport, whether his Department has plans to (a) review the estimated value of assets that are dormant in each of the new asset classes to be included in the expanded Dormant Assets Scheme and (b) publish the methodology used to calculate those values.

Photo of Matt Warman Matt Warman The Parliamentary Under-Secretary of State for Digital, Culture, Media and Sport

The Dormant Assets Scheme is led by industry and backed by the government with the aim of reuniting people with their financial assets. Where this is not possible, this money supports important social and environmental initiatives across the UK.

As a voluntary Scheme, industry stakeholders have been at the forefront of efforts to bring assets from the insurance and pensions, investment and wealth management, and securities sectors into scope. This includes leading work to estimate the value of dormancy currently in each sector and using their experience and understanding of reunification processes to inform their estimates of how much could be reunited with their owners successfully. The government is grateful for their work on this and has no plans to review their estimates or methodology at this time.

The following table sets out estimated value of assets that are dormant in each of the new asset classes to be included in the expanded Dormant Assets Scheme, broken down by sector:

Sector

Dormant assets

Could be reunited with owners through enhanced tracing efforts

Could be transferred to RFL

Could be released to social and environmental initiatives

Insurance and pensions

£2.1bn

£1.17bn

£959m

£575m

Investment and wealth management

£1.4bn

£781m

£588m

£238m

Securities

£158m

£48m

£110m

£66m

TOTAL

£3.7bn

£2bn

£1.7bn

£880m

The government is now set to expand the Scheme through primary legislation, which was introduced in the House of Lords on Wednesday 12 May 2021.

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