PRESS RELEASE : Dormant Assets Scheme – statement of intent overview [September 2023]
The press release issued by the Department of Culture, Media and Sport on 28 September 2023.
Allocating £350 million of dormant assets funding equally across the four English purposes.
The Dormant Assets Scheme aims to reunite people with their financial assets, such as bank and building society accounts. Where this is not possible, the money is unlocked for important social and environmental initiatives across the UK. Over the last decade, the Dormant Assets Scheme has unlocked £982 million for social and environmental initiatives across the UK.
Following a public consultation, the government confirmed that the purposes of the English portion of the funds made available would be youth, financial inclusion and education, social investment wholesalers, and community wealth funds. The government also committed to publishing a statement of intent, outlining its intended allocations across these four causes.
The Dormant Assets Scheme is expected to release £350 million for England over 2024 and 2028. The government intends to allocate this equally between the four causes:
- £87.5 million for the provision of services, facilities or opportunities to meet the needs of young people
- £87.5 million for the development of individuals’ ability to manage their finances or the improvement of access to personal financial services
- £87.5 million for social investment wholesalers
- £87.5 million for community wealth funds
Further details of these intended allocations will be published in due course.
Find out more about the Dormant Assets Scheme.
