Unclaimed assets within the financial system

Unclaimed assets within the financial system

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Between Ap400 to Ap500 million is currently held in dormant bank and building society accounts in the UK where, for whatever reason, a financial institution has lost contact with an account holder. A large proportion of this money will never be reclaimed by its rightful owner. The Government, working with the banking industry, has therefore proposed the establishment of an unclaimed assets scheme to put these dormant accounts to productive use whilst continuing to recognise the ongoing rights of customers to reclaim their accounts at any stage. The Committee's report examines the proposed legislative framework for the scheme and its regulation, how to define and identify dormant accounts, the scope of the scheme, the proposed scheme to reunify customers with dormant accounts, a centralised national register for unclaimed assets, dormant accounts in building societies, the distribution of funds released from unclaimed assets, funding of a Social Investment Bank and local disbursement options.said, an asset held by a stockbroker is not on its balance sheet, it is held, as they say, aquot;in custodyaquot;, like having it in a ... from a different perspective a€” the financial markets, the wholesale markets, the markets in which investment banks such asanbsp;...

Title:Unclaimed assets within the financial system
Author: Great Britain: Parliament: House of Commons: Treasury Committee
Publisher:The Stationery Office - 2007-08-06

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