The Department for Digital, Culture, Media and Sport (DCMS) has launched a consultation to gather views on the broad social or environmental purposes of the English portion of dormant assets funding.
The UK government defines a dormant asset as “a financial product (such as a bank account) that hasn’t been used for many years and which the provider hasn’t been able to reunite with its owner despite efforts aligned with industry best practice“.
The consultation will close at
The public consultation follows the passage of the Dormant Assets Act 2022 earlier this year, which expanded the Dormant Assets Scheme into a wider range of sectors. The expansion potentially unlocks around £880 million for good causes across the UK, £738 million of which may be made available for England over time.
In the context of recovery from the COVID-19 pandemic and pressures on the cost of living, the government is inviting input on how the scheme can deliver the greatest impact in England over the coming years.
The consultation will inform what broad social and/or environmental causes should be prescribed in future secondary legislation. It invites specific views on four causes:
1. Youth.
2. Financial inclusion.
3. Social investment, and
4. Community wealth funds .
The consultation welcomes suggestions for any other social or environmental causes that the government should consider.
The government is particularly interested in hearing from local communities, current and potential participants, civil society organisations, and any interested individuals.
For further information and to access the survey, please go to the GOV.UK website.
The consultation is scheduled to close at
