Introduction

This consultation seeks the public’s and industry participants’ views on what the broad purposes of the Dormant Assets Scheme in England should be. This Scheme enables responsible businesses to voluntarily channel funds from dormant financial assets to good causes, while ensuring owners’ rights are protected.

The consultation invites views and suggestions on:

1. The current three causes supported by the Scheme and whether they should continue to benefit from its support. These causes are:
  • the provision of services, facilities, or opportunities to meet the needs of young people.
  • the development of individuals’ ability to manage their finances or the improvement of access to personal financial services.
  • funding for social investment wholesalers to support civil society organisations.
2. Community wealth funds and whether they should start benefiting from the Scheme’s support. Community wealth funds are defined as funds which give long term financial support (whether directly or indirectly) for the provision of local amenities or other community infrastructure.

3. Any other social or environmental causes that should be considered for the English portion of the Scheme.
 
In addition to considering whether to name specific purposes in secondary legislation, the Secretary of State may also consider whether to make an order that provides that there are to be no specific purposes. In that scenario, any dormant assets funding could be distributed for any social or environmental purpose (subject to complying with any policy directions given to TNLCF by the Secretary of State).

For more information, please refer to the consultation document linked here.

This survey does not need to be completed in one session, as you can save a draft response and return to the survey later. You also do not have to answer every question should you not wish to. 

The consultation will be active for 12 weeks, closing at 23:59 on Sunday 9 October 2022. Once the consultation has closed, all responses will be reviewed and a government response will be published providing an overview of the views and suggestions made.


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