Treasury closes in on dormant accounts
by Gill Montia
Story link: Treasury closes in on dormant accounts
The National Consumer Council (NCC) has come out in support of proposals from the Treasury select committee on unclaimed assets.
The committee is in favour of developing a single search facility that will be in line with the NCC’s proposals for a UK Lost and Found service, that would make it easier for consumers to trace unclaimed assets.
Such a facility would link current schemes operated by the British Bankers’ Association, the Building Societies’ Association and National Savings and Investments.
However, the NCC would like to go further and persuade banks to be more proactive in seeking out dormant account owners.
This approach is likely to have widespread support, as the Treasury select committee is recommending that banks should be forced to release money in dormant accounts for use in good causes.
The Government has been mulling over a scheme to use the money in dormant accounts for social projects since 2005, and latest estimates suggest that the funds available could amount to £400 million.
For this purpose, the Treasury has defined dormant accounts as accounts that have seen no account-holder led activity for 15 years but the new report from the select committee asks for accounts to be considered dormant after 10 years.
It also calls for dormant money in National Savings & Investments accounts to be used to form part of a central fund that will support youth projects across the UK.
If the committee’s proposals are accepted, the money available for such a fund could amount to £1 billion.
Email This Post Print This Post
Add to Bookmarks:
Related stories to: Treasury closes in on dormant accounts
NS&I seeks dormant account holders National Savings and Investments (NS&I), the Treasury backed savings provider, has launched an adver... Halifax hire Experian to trace dormant account holders Halifax will be the first UK bank to make use of Experian's new Unclaimed Assets Register, which can...
Northern Rock guarantee terms published The Treasury has published details of its guarantee to existing Northern Rock savers. It will cov...
Piggy banks and poor organisation hampers savers Credit Action, the charity that earlier this year estimated individual UK debt at £1.3 trillion, is...
Treasury takes advice on Northern Rock as dividend cancelled According to reports in the press, the government has appointed Goldman Sachs, the US investment ban...No Comments »
No comments yet.Leave a comment
Previous: « Cheques out at Sainsbury
Next: Leading banks seek to recoup charges »
Visited 53 times, 1 so far today since July 12th 2007