UK Unclaimed Assets Scheme

The Economic Secretary to the Treasury (Kitty Ussher)
The summary of responses to the consultations on a UK Unclaimed Assets Scheme has been published today. Copies are available in the Vote Office, Printed Paper Office and have also been placed in the Libraries of both Houses.

This publication also sets out the Government’s response to the two consultation proposals for a UK unclaimed assets scheme. The consultation had two stages. In March, the Government released “A UK Unclaimed Assets Scheme: A Consultation”. In May, the Government released “Unclaimed Assets Distribution Mechanism: A Consultation”.

Following on from these consultations, the Dormant Bank and Building Society Accounts Bill was introduced in the House of Lords on 7 November. A final impact assessment has also been published today, copies of which are also available in the Libraries of both Houses.

The Dormant Bank and Building Society Accounts Bill builds on the Government’s consultation and enables the transfer of money in dormant bank accounts to be made available for distribution in the community, while protecting consumers’ right to repayment.