On 14 February 2025, the Department for Culture, Media and Sport published the Dormant Assets Parliamentary Review 2025, covering the period from 24 February 2022 to 12 February 2025.
Background
Under the Dormant Assets Act 2022, the Dormant Assets Scheme is expanded by enabling an authorised reclaim fund to accept certain dormant assets in the insurance and pensions, investment and wealth management, and securities sectors, alongside the banking sector.
The Act includes provisions requiring periodic reviews to be carried out of the Dormant Assets Scheme and the Alternative Scheme, and for the results and conclusions to be set out in a report and laid before Parliament. This is the first of those reviews.
The report
The report explains that the review considered the operation of the Scheme and the Alternative Scheme; the effectiveness of steps taken to reunite assets with their owners; and the use of the power under Section 19 to further expand the Scheme during and after the review period. It also included information about the use made by an authorised reclaim fund of its financial resources, the uses of dormant assets money in England, and the policy and practice relating to the additionality principle.
Key findings set out in the report include:
- The Dormant Assets Scheme continues to deliver operational value to industry participants.
- The Dormant Assets Scheme continues to prioritise customer protection.
- Progress to fully operationalise Scheme expansion has been slower than originally anticipated.
Next steps
The next report will be laid in Parliament by February 2030.