On 13 May 2022, the FCA published Consultation Paper 22/09 ‘Expansion of the Dormant Assets scheme’ (CP22/09).
In February 2022, the Dormant Assets Act 2022 received Royal Assent. The Act amends the Dormant Bank and Building Society Accounts Act 2008 to expand the scope of dormant assets that can be contributed to the Dormant Asset Scheme (DAS).The new assets in scope of the expanded scheme fall under five asset classes: insurance, pensions, securities, investment assets and client money.
Chapter 3 of CP22/09 sets out specific changes to FCA rules that the regulator is proposing to facilitate the expansion of the DAS. This includes proposed changes to the glossary, record keeping, and the Dispute resolution: Complaints’ sourcebook.
The deadline for comments on CP22/09 is 17 June 2022.
Depending on the feedback received to CP22/09 the FCA hopes to finalise its proposals in July 2022.