On 24 February 2022, the Department for Digital, Culture, Media and Sport issued a press release stating that the Dormant Assets Bill was expected to received Royal Assent. The expansion of the Dormant Assets Scheme to include the insurance, pensions, investment and wealth management, and securities sectors is part of the Bill and is expected to release an additional $880 million.
John Glen, Economic Secretary to the Treasury, said:
“I am really pleased that the Dormant Assets Act has secured Royal Assent, which marks years of close collaboration with industry.
This Bill is estimated to unlock more than £880m over time to benefit communities right across the U.K. I’d encourage as many firms as possible to take part in the Scheme, so that even more genuinely dormant funds can be put to good use.”