Consultation on expanding the dormant assets scheme

The government has launched a consultation in order to gather views on its proposals to expand the dormant assets scheme to include new financial assets.

The public consultation follows two industry-led reports, which made a series of recommendations on broadening the current scheme beyond bank and building society accounts to include assets from the insurance and pensions, investment and wealth management, and securities sectors.

Having considered industry’s recommendations, the government is now inviting input on the detailed proposals to expand the scheme. We are particularly interested in hearing views from potential participants, consumer groups, regulators, and interested individuals.